Arab fund lends Sudan $45 million

Nov 28, 2005 (ABU DHABI) — The Arab Monetary Fund (AMF) signed on Sunday a contract to lend Sudan about USD 45 million to reform financial and banking sectors.

In a press release, the United Arab Emirates-based AMF said the loan aims at reforming, rebuilding and developing Sudan’s abilities in banking, financial affairs and savings through restructuring overall abilities of northern Sudan’s Islamic banking system in terms of technology, policies and functions.

The release explained that Sudan is facing difficulties when it comes to applying bilateral banking systems where the north has an Islamic system and the south has a traditional one, which is in accordance with the national peace process.

The AMF’s total loans to Sudan, said the release, have so far reached USD 460 million.

(KUNA/ST)