Arab Fund for Economic Development extends loan of $71 million to Sudan

KHARTOUM, Oct 31, 2004 (SUNA) — An agreement was signed initially between the Ministry of Finance and the Arab Fund for Economic Development related to the extension of 71 million dollars loan by the fund to a Sudan government for establishment of the White Nile Sugar project, which would cost around 409 million dollars.

The Finance Minister, Al-Zubair Ahmed Al-Hassan, said that the establishment of the projects aims to boost the sugar and the related industries, increasing the national income, combating poverty and improving the citizens’ living conditions. He said that the project is designed to produce 340,000 tons of sugar and 40,000 tons of different cash crops.

The minister said that the loan of the Arab Fund for Economic Development is due to be utilized to fund establishment of water pumps and irrigation works.

The initial loan agreement was signed for Sudan government by the Director of the Resources’ Department at the Ministry of Finance, Al-Sheikh Al-Makk, and the Fund’s Legal Adviser, Hassab-Al-Rasoul Al-Obeid.