African Development Bank begins operations in Sudan
The Governor of the Sudanese Central Bank, Saber Mohammed Al-Hassan, stated that the Khartoum branch of African Development and Commerce Bank will begin its operations this coming July.
Initially, the bank will focus on providing capital leasing and financing services to various Sudanese industries, according to Al-Anbaa daily.
Sudan is in great need of this new service, which will take the form of medium and long-term lending. Consequently, the new measures will be incorporated into the country’s monetary policy for the year 2001.
The African Development Bank, which was established in 1966, has shareholders from all 53 countries in Africa as well as 24 countries in the Americas, Europe, and Asia.
Its goals are to aid countries in developing major sectors such as agriculture, public utilities, transport, industry and the social sectors of health and education. The bank is also concerned with poverty reduction, environmental management, gender mainstreaming, and population activities. –(MENA Report)
© 2001 Mena Report (www.menareport.com)