Arab Funds signs USD 300 mln financing agreement with Sudan

Following the signing of financing agreement, the Sudanese Finance Ministry had issued a statement saying that they had agreed to a USD 230 million loan deal with the UAE-based Arab Monetary Fund in order to support the balance of payments, which had been experiencing a death-crossed financial outlook over the recent past.

According to another statement from the Sudanese President, the government had also reached an agreement over a separate loan deal worth of USD 70 million with the Arab Trade Financing program, including Abu Dhabi-based Arab Monetary Fund.

According to multiple diplomats, the Sudanese government had been vying to raise new funds from abroad amid an escalating political tension and dwindling foreign investments, while the recent monetary injection into the country’s financial system would likely to delay its economy from collapsing.