Sudan’s ex finance minister calls on expatriates to boost investments in country

July 5, 2013, (KHARTOUM) – Sudan’s former finance minister Abdel-Rahim Hamdi has called upon the Sudanese expatriates to take advantage of investment opportunities in the real estate sector through collective mechanisms and investment funds.

Hamdi, who was addressing the conference of the heads of Sudanese communities abroad on Thursday, expressed willingness to conduct feasibility studies on establishing a bank that would specialize in financing expatriates’ projects.

According to Sudanese economist, the bank could end up being listed in the stock market and play a significant role in providing hard currency as well as becoming a repository for economic activity.

He pointed to government efforts aimed at providing services in residential complexes as part of its plan for solving the economic and social problems, underscoring the importance of housing for the middle and lower classes.

The former Sudanese official referred to funding formulas offered by financial houses and specialized banks in the public and private sectors.

Hamdi further said that expatriates’ investments since the 70’s were confined to securities and bonds, pointing out that expatriates remittances continued to flow to Sudan through informal channels despite availability of other formal venues.

He pointed to success made by the small and medium businesses as a result of improving investment laws and added that there are opportunities to develop collective mechanisms for investment in real estate and stock market.

(ST)