Sudan approves loan with Arab Fund for White Nile sugar project

KHARTOUM, May 8, 2005 (Sudan Tribune) — Sudanese Council of Ministers, Sunday approved a loan agreement with the Arab Fund for Economic and Social Development, according to which the Fund will extend a loan of 71 million dollars for the White Nile Sugar project, the official SUNA said.

This agreement was signed initially between the Ministry of Finance and the Arab Fund for Economic Development on October 31, 2004

The total cost of the project is around 409 million dollars.

The project is designed to produce 340,000 tons of sugar and 40,000 tons of different cash crops.

The minister said that the loan of the Arab Fund for Economic Development is due to be utilized to fund establishment of water pumps and irrigation works.

Meanwhile, the Council of Ministers appreciated the distinguished national economic performance in the past fiscal year and regarded it as basis for the coming stage of peace and stability.

In his report at the Cabinet’s meeting, the Minister of Finance, Al-Zubair Ahmed Hassan, said that his ministry realized growth rate of 7.2%, besides increasing the strength of the national currency by more than 12%.

He said that the tax and petroleum revenues have exceeded 100%, while the salaries were increased by 67%.