Sudan receives $25 million UAE funding for electricity project
The Sudanese Electricity Authority will receive $25 million in funding from the Islamic Development Bank, in collaboration with the Bahrain-based Arab Investment Company and the Islamic Bank of Dubai, in order to finance a new electricity project, reported Al-Hayat.
Sudan has been campaigning for a $500 million grant from Arab development funds in order to build a $1.5 billion hydro-electric station with the capacity to generate 1,300 megawatts of power in seven years, stated Minister of Economy and Finance Abdel Raheem Hamdi.
"We are looking now to provide guarantees totaling $250 million to those applying to invest in Sudan. While economic relations were earlier at the government level, we are now encouraging UAE-Sudan investments by involving the private sector, in line with our privatization drive”, Hamdi stated.
The OPEC Fund granted Sudan a credit line for irrigation projects, in addition to Kuwait and the Islamic Development Bank, who have been active contributors to various other ventures, reported Gulf Times . — (menareport.com)
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