Sudan, Gulf agree to remove investment impediments
Nov 9, 2006 (KHARTOUM) — Sudan and Gulf Arab countries reached an agreement on Thursday to remove investment impediments for the oil-rich states in the vast African country.
The agreement was announced in a final communique issued as the Khartoum Economic Forum concluded its two-day session which attracted financial ministers, bank governors and some 1500 businessmen from member states of the Gulf Cooperation Council (GCC).
“The strategic partnership between GCC states and Sudan aims atrealizing mutual benefits”, the communique affirmed, adding that the participants decided to sign in principle a number of accords on investment projects.
The Arab Fund for Economic and Social Development (AFESD), which has financed over 28 development projects in Sudan since 1974, would continue its efforts in studying infrastructure projects proposed by the Sudanese government, the communique said.
The two sides also agreed in principle on the establishment of a joint Sudanese-Gulf investment bank and a joint reinsurance company.
Meanwhile, a memo of understanding was signed between the Central Bank of Sudan and the Arab Company for Agricultural Investment and Development on financing development projects at the cost of 200 million U.S. dollars.
At a press conference following the closing meeting of the Khartoum Economic Forum, Sudanese Minister of Finance al-Zubair Ahmed al-Hassan expected foreign investments in the country to reach 3 billion dollars in 2006.
Describing the forum as successful, the Sudanese minister said that it had achieved its goals and brought together all the GCC states, whose investments amount to more than half of the total investments which Sudan has received.
(KUNA)