The Islamic Corporation for the Development of the Private Sector (ICD) has signed a lease finance agreement for an amount of six million dollars with Al-Hadha Mills & Silos for Investment (AHMS) to finance a project for the establishment of an integrated port-handling and grain silos storage facility in Port Sudan.
The project's total cost is estimated at $19 million. ICD's financing will serve to purchase a ship loading/unloading arm and other ancillary equipment to be installed at the quayside. The new port facility is expected to have an annual capacity of 500,000 tons for import and cleaning of wheat, 100,000 tons for silos storage of wheat, and 30,000 tons for export of sorghum.
The project is expected to have a strong developmental impact on Sudan through investment in the country's basic trade infrastructure, which would contribute to the promotion of several downstream industries, including transportation and basic food processing, stated a press release. The project also contributes to promoting cross-boarder investments among ICD's member countries.
AHMS is a privately-controlled limited liability company incorporated in Sudan in 2001 as a member of Al-Hadha Group, involved in trading, export and import of commodities. The company is a significant player in Sudanese wheat import.
ICD is an international multilateral financial institution created by the Islamic Development Bank (IDB) in 1999, with an authorized capital of one billion dollars. ICD aims at identifying opportunities in the private sector that could function as engines for growth; providing a wide range of productive financial products and services for the private sector in IDB member countries. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
