Sudan Expects Major Gulf Financing for Development Projects
Sudan expects to win multi-million dollar financing within days for an ambitious domestic project from the Gulf Arab states, said Minister of Finance and Economy Abdel Raheem Hamdi on Monday.
The funding will come from the Abu Dhabi and Kuwait development funds, following normalization of relations with the Arab Monetary Fund last month, he said, quoted by the Gulf News.
"We no longer have any problems with the AMF, and I will be in Abu Dhabi later this week to formalize our good relations there," he said.
The minister is in Dubai for a two-day conference on Investment Opportunities in Sudan and Development of Transport Services, due to open Tuesday in Sharjah.
Sudan earlier disputed the way the AMF disbursed its funds, but Hamdi said the differences have been resolved.
He emphasized the warm ties that had traditionally existed with the UAE.
"Of total foreign investment inflows worth $7 billion, the UAE's contribution is $1.3 billion. Further, loans worth $60 million have been written off."
Hamdi stressed Sudan's investment opportunities in agriculture, mining and infrastructure development.
"GDP growth is the highest in the Arab world, at 8.3 percent last year, with inflation having been reined in from 160 percent in the early 1990s to just three percent last month," he said – Albawaba.com
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