Saudi Arabia to pump $3 billion into Sudan investment fund

By Shilpa Annie Joseph, Trainee Reporter
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Sudanese minister of Cabinet Affairs Khalid Omer Yousif has stated that Saudi Arabia has committed to invest $3 billion in the joint investment fund in Sudan, and to encourage other parties to participate in it.

Earlier this week, Sudan had secured a recommitment from Saudi Arabia to a $1.5 billion grant, which was first announced in April 2019.

Mr. Yousif commented that the commitments came from Crown Prince Mohammed bin Salman, who was trying to strengthen cooperation as Sudan’s transitional authorities struggle to address a long-running economic crisis.

“Sudan received $300 million of the 2019 grant following the removal of former President Omar al-Bashir by the military following months of protest”, Mr. Yousif told.

Sudan had been offered $3 billion in assistance by Saudi Arabia and the United Arab Emirates, with Sudanese officials previously indicating that $750 million had been delivered, including a $500 million deposit in the central bank. However, no further disbursements were confirmed, and it was uncertain if the remaining assistance would be distributed after civilian groups and the military reached a power-sharing agreement in the summer of 2019.

Some of the aid is expected to arrive in the form of urgently needed supplies such as wheat, medicine, fuel, and other goods, and Mr. Yousif noted that the joint committees will decide how the remaining $1.2 billion of the Saudi Arabian grant will be distributed.

During their visit to Egypt, Mr. Hamdok and his officials have said that they had agreed to increase the capacity of their joint electrical grid to 240 megawatts for the coming summer, as well as work to link the two countries’ railways.

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