AMF offers $300mln loan to Sudan

SMC-

Sudan’s President Omer Al-Bashir has praised the support provided by the Arab Monetary Fund (AMF) for development projects and economic reform programs in Sudan.

Al-Bashir met on Saturday with the head of the Abu Dhabi-based AMF Abdulrahman Al Hamidy.

The meeting discussed a number of issues related to the economic affairs and Sudan’s needs in this field.

During which the Ministry of Finance and economic Planning has signed two deals for loans worth $300 million with AMF.

The finance ministry agreed a $230 million loan with the Abu Dhabi-based Arab Monetary Fund to support the balance of payments, the ministry said in a statement.

A deal for a second loan worth $70 million was signed with the Arab Trade Financing Program, whose shareholders include the Arab Monetary Fund and which is also based in Abu Dhabi, according to a statement from Sudan’s presidency.

Acting Minister of Finance, Abdul Halim Al-Sayed pointed out to the continuous cooperation between the Arab Monetary Fund and the Sudan, saying that the fund had provided 12 loans to Sudan in the amount of $ 553 million during the past periods, in addition to trade financing which exceeded $ 100 million, praising the efforts of the fund’s management in accelerating the loan procedures, its cooperation and its continuous support to the Sudan.