On Friday, the African Development Bank announced its approval to liquidate $ 413 million in loan arrears on loans owed by Sudan.
This came in a statement on the website of the African Development Bank.
The statement said that the approval of the liquidation comes with the support of the United Kingdom and Sweden.
Pointing out that the sanctions imposed on Khartoum will be lifted once all the arrears are paid.
According to the statement, the arrears clearing with international financial institutions such as the African Development Bank, the World Bank and the International Monetary Fund.
It is one of the prerequisites for Sudan under the Heavily Indebted Poor Countries Initiative.
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Sudan’s external debt amounts to $ 58 billion, according to government statistics.
The statement quoted the country director of the African Development Bank Group in Sudan, Robel Durwogo, as saying that the settlement of the arrears would allow the bank to fully return to deal with Sudan.
This opens up new financing opportunities for projects and programs that add more support to the bank’s ongoing operations.
He stressed that “the proposal allows to proceed with the settlement of Sudan’s arrears, with the support of Britain and Sweden”.
Upon the full settlement of the arrears, the sanctions imposed on Sudan will be lifted”.
He added that the United Kingdom will provide interim financing to pay Sudan’s arrears due to the African Development Fund.
He pointed out that Sweden has committed to provide funding grants of about $ 4.2 million to fulfill Sudan’s share of the burden of the process.
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“With additional funding flows expected after the arrears cleared, the World Bank looks forward to a new era of fruitful cooperation with Sudan,” said Durwogo.
This is in order to fulfill the aspirations of its people for prosperity and sustainable development”.
The World Bank Group’s current portfolio in Sudan consists of 18 operations, with a total value of approximately $ 500 million.
It covers operations in the agriculture, water and sanitation, social and energy sectors.
As well as supporting multi-sector capacity building activities and the private sector.
