banking

Sudan agrees deal with US Treasury and World Bank

January 10, 2021

The Ministry of Finance and Economic Planning in Khartoum has signed an agreement with the US Treasury Department to settle Sudan's debts at the World Bank. Finance Minister Heba Ahmed signed the agreement on behalf of Sudan along with US Treasury Secretary Steven Mnuchin.

According to a statement issued by the ministry, a memorandum of understanding was signed to facilitate Sudan's payment of its arrears and to enable it to receive more than $1 billion annually from the World Bank for the first time in 27 years.

The ministry added that it sees the restoration of Sudan's ability to obtain funds from international financial organisations as an important step towards funding major infrastructure and development projects.

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