Arab Fund for Development and Sudan sign loan agreement
The Kuwait-based Arab Fund for Economic and Social Development (AFESD) on Wednesday signed an agreement with the government of Sudan under which it will offer a loan amounting to KD ten million (some USD 35 million) for Sudan to launch the industrial development bank.
The two sides also signed a memorandum of understanding on a KD 30,000 (USD 106,899) grant for financing the construction of the administrative buildings of the University of Dongola in central Sudan, Kuwaiti news agency, KUNA reported.
The two documents were signed here by AFESD Board Chairman and Director-General Dr. Abdullatif Youssef Al-Hamad and Sudanese Minister of Finance and National Economy Ali Mahmoud Abdel-Rasoul.
- Impetus from within: why the Arab World needs a very Arab 'Marshall Plan'
- 'Fiscal juggling': just how many economic priorities will Saudi Arabia's new King have to focus on?
- Despite Erdogan's 'harsh rhetoric', Turkish-Israeli is still booming
- UAE is best MidEast economy for attracting talent, index says
- The Arab Spring's success story: what will it take for Tunisia to unlock its full economic potential?