The Saudi Fund for Development (SFD) and the Government of Benin signed agreements on Thursday, November 09, 2023, at the Saudi-Arab-African Economic Conference held in Riyadh (Kingdom of Saudi Arabia) in preparation for the Saudi Arabia-Africa Summit.

Saudi Arabia has granted Benin funding for the project to build a Lycée in Porto-Novo and an Ecole Normale Supérieure in Parakou. The deals are estimated to be worth 150 million rials (40 million USD). A total of $533 million in funding has been made available to 12 African countries (Angola, Benin, Burkina Faso, Burundi, Cape Verde, Guinea, Malawi, Mozambique, Niger, Rwanda, Sierra Leone, Tanzania) for projects in the education, health, water and transport sectors