AfDB approves Sudan’s proposal to clear US$413 million loan arrears

SUDAN – The Boards of Directors of the African Development Bank Group (AfDB) has approved a proposal for the clearance of about US$413 million in arrears on loans owed by Sudan to the institution, marking a major milestone in the country’s re-engagement with international financial institutions and the global economy. The proposal enables the Bank to proceed with clearing Sudan’s arrears with the African Development Bank Group, with the support of the United Kingdom and Sweden. The U.K will provide bridge financing to clear Sudan’s arrears to the African Development…

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UCB launches first ever visa card in Sudan as symbol of reintegration in global economy

SUDAN – United Capital Bank (UCB), one of the leading financial institutions in Sudan that offers a wide range of financial products and services to corporates, has launched the first ever visa card in the country. Sudanese Prime Minister, Dr. Abdalla Hamdok, hailed the first Visa card issued in Sudan as a symbol of Sudan’s long-awaited reintegration in the global economy. The card issued by United Capital Bank (UCB), was presented to Hamdok by Yousif Ahmed El-Tinay, CEO and General Manager of UCB. Dr. Hamdok expressed his appreciation of the…

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Managem, Wanbao Mining Group acquire Gabgaba gold mine in Sudan

SUDAN – Managem, a Moroccan mining company, has signed a previously announced partnership with the Wanbao Mining Group, for the development of gold extraction projects in Sudan. According to a press statement from Managem, the mining company has acquired 65% stake in Block 15, also known as the Gabgaba gold mine in Sudan. The Chinese Wanbao will hold the remaining 35% of shares. In addition, Managem will hold a 35% stake in additional six exploration blocks currently owned by Wanbao Mining. The new partnership gives Managem and Wanbao rights for…

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Faisal Islamic Bank obtains Mastercard licence, a first in Sudan

SUDAN – Faisal Islamic Bank sudan (FIB) in partnership with Network International, the leading enabler of digital commerce across Africa and the Middle East, has become the first indigenous Sudanese bank to obtain a card issuing and acquiring a license from Mastercard. Through the bank’s partnership with Network International, Faisal Islamic Bank will issue Mastercard-branded debit, credit, and prepaid payment cards in Sudan for use online, in-store, and at ATMs. FIB will also connect local businesses to the Mastercard network using Network International technology, helping people and businesses enjoy more…

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Sudan and South Sudan sign oil production agreement

KENYA – East African nations of Sudan and South Sudan have signed a number of agreements that involve oil production in the two countries. The countries have agreed upon the need to increase oil production in South Sudan, to use and benefit from the expertise and capabilities available in Sudan, and to speed up procedures to open a coordination office in South Sudan. They also agreed upon the need for cooperation through training centres, laboratories, refineries and other facilities in Sudan, the establishment of a partnership working in the field…

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AfDB approves US$14m grant for AWEAF project in Sudan to empower women’s project

SUDAN – The African Development Bank (AfDB) approved financing in the form of a grant for US$14.96 million project to help women in Sudan access finance and grow their businesses. The Accelerating Women’s Entrepreneurship and Access to Finance (AWEAF) project will address capacity, financing, and knowledge gaps for Sudan’s women entrepreneurs. The project aims to help women to access quality business development services and financing as well as improving the quality of services provided by financial institutions serving women entrepreneurs in Sudan’s Khartoum and Red Sea states. “This approval shows…

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Bolloré Transport & Logistics secures contract to provide medical warehousing solutions to UNHCR

SUDAN – Bolloré Transport & Logistics, a major international transport and logistics operator, has been awarded a contract to provide medical warehousing solutions to UNHCR, the UN Refugee Agency in Sudan. To this end, Bolloré Transport & Logistics has invested in an 800 SqM warehouse located in the New Industrial Area in Jebra, Khartoum in close proximity to the city’s main airport. It comprises two different temperature zones of 15˚-25˚C and 25˚-30˚C, as well as a cold room with a temperature specification of -23˚ C. The one-year renewable contract entails…

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Sudan to construct 500 MW of solar power

SUDAN – An unnamed United Arab Emirates solar companies have committed themselves to building several large-scale PV plants across Sudan. The new solar power projects would be granted a 20-year PPA and would be Sudan’s first solar parks. Sudan’s  minister for energy and mining, Khairy Abdul Rahmanhas and the general director of the Abu Dhabi Fund for Development, Mohamed Saif Al Suwaidi, signed a  memorandum of understanding for the deployment of solar power plants with a combined capacity of 500 MW in Sudan. In an official statement, the Sudanese government said it will buy…

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Egypt, Sudan commit to enhancing industrial cooperation and trade exchange

EGYPT – The Governments of Egypt and Sudan have committed to enhancing industrial cooperation and trade exchange between the two countries. The commitment was made during a meeting between foreign ministers of both countries held in Sudan in August this year. Minister of Trade and Industry Niveen Gamea’ revealed that Sudan and Egypt reached an agreement was to outline a work plan to overcome the hindrances facing the flow of trade between the two countries. Gamea further noted that the work plan will particularly focus in facilitating logistic transport and…

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Egypt, Sudan to increase electricity linkage to 250MW by 2021

electricity linkage to 250MW by 2021

EGYPT – Egypt’s Minister of Electricity and Renewable Energy Mohamed Shaker has stated that the capacity of electricity linkage with Sudan will be raised from 70 megawatts to 250 megawatts by 2021. Phase one of the Egypt-Sudan electricity project was officially launched earlier this year after experimental operation was carried out successfully. The project, according to the minister for electricity and renewable energy, is expected to add an additional 180M within a year and half and is expected to have a total capacity of 300MW upon completion. According to Egypt…

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