KHARTOUM, 9 January 2021 – Sudan’s government Friday sealed a $1 billion deal with Export Import Bank of the United States (EXIM), a day after it sealed another $1 billion deal with US Treasury.
EXIM funds will be devoted to building energy, water, agricutlrue and aviation energy, according to a joint press statement signed by EXIM President Kimberly Reed and Sudan’s Finance Minister Heba Mohamed.
America is showing renewed interest in revamping Sudan’s economy, consistent with Washington’s decision to remove Sudan from its list of State Sponsors of Terrorism.
Sudan has normalized relations with Israel as part of the deal negotiated by outgoing American President Donald Trump.
During a rate visit to Khartoum Wednesday, US Treasury Secretary Steven Munchin signed a Memorandum of Understanding to liquidate Sudan’s arrears to the World Bank Group.
The deal with the US Treasury opened the way for Sudan to obtain more than $1 billion in funding from the World Bank.
The heavy burden of servicing Sudan’s huge external debt of $60 billion seriously impedes the ability of Khartoum to launch development projects.
Sudan’s Ministry of Infrastructure and Transport and EXIM also agreed to set up an implementation mechanism to encourage investment and financing of development projects in Sudan by American busineses.
Reed said a branch of the US Chamber of Commerce will also be opened in Sudan once the country’s ongoing banking reforms are completed.
Sudan’s Justice Minister Nasreldin Abdelbari said his ministry had completed the Anti-Corruption Commission Act, following his meeting with EXIM.