Arab Fund offers Sudan USD 200 mln loan
Date
2/15/2016 10:07:08 PM
(MENAFN- Kuwait News Agency (KUNA)) KHARTOUM Feb 15 (KUNA) -- The Arab Fund for Economic and Social Development signed Monday with the Sudanese government USD 200 million loan agreement to finance the first phase of the Rosaries Irrigation Project.The agreement was signed by the Undersecretary for Economic Planning at the Sudanese Ministry of Finance and Economic Planning Abdullah Ibrahim and the Legal Adviser of the Kuwait-based Arab Fund Ahmad Abdulhafiz at the Sudanese Finance Ministry.During the signing ceremony Ibrahim stated that the total cost of the project amounted to about USD 400 million.The Arab Fund's loan would provide half of the required finance and the Kuwait Fund for Arab Economic Development would help secure another USD 87 million loan.He underlined the importance of the project to achieve food security for the region.Meanwhile the Director of the Technical Department at the Arab Fund Dr. Ahmad Othman described that the project as strategic and crucial for increasing agricultural production.This is largest ever loan offered by the Arab Fund to Sudan he said.The State Minister at the Ministry of Water Resources and Electricity Dr. Jaafar Hassan Mohammad elaborated that the project provides two million acres of arable land for cultivation and qualifies the main channel and some sub-channels for the Rosaries Irrigation Project which covers Dindir Rahad and Rosaries.On this occasion the minister lauded the role of the Arab Fund in financing the strategic projects in Sudan. (end) hhi.ibi
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