Qatar has announced plans to invest $500 million into Sudan’s agricultural and food sectors over the next three years, state-run news agency QNA reported on Thursday.
Hassad Food, a subsidiary of the gas-rich emirate’s investment authority, signed the deal in the Sudanese capital Khartoum on Thursday.
“We’ve signed the memorandum of understanding with the Sudanese side in line with Hassad’s new vision and strategy to become a successful strategic investor in the global food and agriculture value chains,” Hassad CEO Mohamed Al Sadah said.
“Over the next three years, we plan to invest around $500 million in the Sudanese food sector, by entering into partnerships with a number of local Sudanese companies,” he added.
Sudan’s investment minister Mubarak al-Fadil hailed the deal and said it will help provide food security in the African country, The New Arab‘s Arabic-language service reported.
Qatar has invested heavily in Sudan, becoming its largest foreign donor.
In March, the two countries signed an initial $4 billion agreement to jointly manage and develop a Red Sea port.
In 2011, Doha brokered a peace deal between Khartoum and rebels in the western province of Darfur and has since pledged $2 billion for reconstruction and development in the area.
The deal comes amid the continued Riyadh-led boycott of Qatar, which has seen Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut ties with the Gulf state over its alleged support for terrorism.
Doha has denied the charges. Sudan has backed Kuwaiti efforts to mediate an end to the Gulf crisis.