Kuwaiti group to establish $2 bln capital bank in Sudan

Dec 24, 2006 (KUWAIT) — The International Investment Group will establish the largest investment bank in Sudan with a capital of USD two billion, of which 50 percent are paid capital.

The group and its affiliates will cover 30 percent of the capital, said IIG Board Chairman Samy al-Badr in a joint press conference with Sudan Ambassador to Kuwait Yussef Fadel Ahmed here on Sunday.

Strategic shareholders and their partners in Saudi Arabia, Qatar, the United Arab Emirates and other countries will cover another 30 percent of the capital while the government of Sudan will account for the remaining 40 percent.

In case the bank received extra shareholding orders from other firms in the GCC member states, it will increase its capital accordingly, al-Badr pointed out.

The new bank will be a comprehensive one and will meet the demands of Africa wholly, he continued.

Sudan was chosen as a premise for the bank due to its strategic location in Africa. It shares borders with nine African countries and it has promising investment opportunities, he explained.

All relevant studies will be worked out in the coming three months and the bank will be set up thin six months, al-Badr underlined.

For his part, ambassador Ahmed said his country adopted investment-attractive policy and made all riches of Sudan available to Arab and African sisterly countries.

Sudan has abundant investment opportunities as the second largest African country in terms of industry and agriculture, he noted, adding that there were more than 45 Kuwaiti firms doing business in Sudan.

(KUNA)