Sudan secures $ 2 billion infrastructure investment from World Bank
(Ecofin Agency) – Sudan will benefit from funding of $ 2 billion from the World Bank. The announcement was made yesterday May 24 by Hafez Ghanem, World Bank Vice President for Eastern and Southern Africa, during a visit to the East African country.
According to the official, the funds will be disbursed over 12 months to enable the current interim government to meet the economic challenges it has faced since taking office, following the fall of former President Omar al-Bashir. The resources will be used to finance major infrastructure projects, while providing assistance to displaced populations in the country.
This announcement is part of the fundraising process that the government of Prime Minister Abdalla Hamdok began a few months ago. Thanks to a bridge loan of nearly $ 1.2 billion granted by the United States, Khartoum was able to settle its debt to the World Bank, thus opening up new financing opportunities with the institution. France also granted another bridge loan of 1.5 billion dollars to the country to help it settle its arrears to the IMF. Further funding could soon be obtained under the Heavily Indebted Poor Countries (HIPC) debt relief initiative.
This series of economic and financial measures should enable the transitional authorities to create the economic, political and social conditions necessary for the organization of the next Sudanese elections, which are intended to be transparent, free and democratic.
“The international community appreciates the government’s efforts to improve the economy, fight poverty and all other economic reforms,” Hafez Ghanem said. To free up significant room for maneuver in the implementation of its development projects, Sudan is hoping for an 80% remission of its external debt, estimated at nearly $ 60 billion.
Moutiou Adjibi Nourou