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it was credited to him as righteousness
God saw Abraham's faith in God, so then God considered Abraham righteous.
they who believe
"people who believe"
sons of Abraham
"descendants of Abraham," not his physical descendants, but righteous in the same way as Abraham (See: rc://en/ta/man/translate/figs-metaphor)
foresaw
"predicted" or "saw before it happened." Because God made the promise to Abraham and they wrote it down before the promise came through Christ, the scripture is like someone who knows the future before it happens. (See: rc://en/ta/man/translate/figs-personification)
In you
"Because of what you have done" (UDB) or "Because I have blessed you"
all the nations
"all the people-groups in the world" (UDB). God was emphasizing that he was not favoring only the Jewish people, his chosen group. His plan of salvation was for both Jews and non-Jews.
have faith
believe God