African Development Bank signs $75m loan with Sudan’s private sector firm

March 10, 2020 (KHARTOUM) – The African Development Bank (AfDB) agreed to extend a $75 million to DAL Group, one of Sudan’s largest conglomerates, to improve food security and household incomes in the country.

The signing ceremony of the agreement was held on 5 March at the AfDB’s office in Khartoum by Jennifer Blanke, Bank Vice President for Agriculture, and DAL Group Chairman Osama Daoud Abdellatif.

The AfDB’s first loan to a Sudanese private sector group comes in the form of a senior corporate loan of up to the equivalent of $75 million in multiple currencies, which includes $40 million and EUR 30 million.

Speaking after the signing ceremony, Abdellatif said business in Sudan has suffered for years due to lack of finance for agriculture, and noted the agreement marks the first significant financing DAL Group has received.

“At the end of the day, Sudan is an agricultural country, and there is so much we can do. I hope this is the beginning of many projects we can do together,” Abdellatif said.

DAL Group is Sudan’s largest foods and agriculture business company.

The Bank loan will contribute to DAL Group’s Investment Program, part of the company’s strategic growth initiative for Sudan and the East African region.

Under this program, DAL Group aims to reduce the nation’s dependence on imports and increase its capacity to source and produce raw material locally.

(ST)