AMF to grant $100m loan to Sudan for SMEs development

Mubasher: The Arab Monetary Fund (AMF) will provide a $100 million loan to the Republic of Sudan within the framework of the small- and medium-sized enterprises (SMEs) Enabling Environment Support Facility.

The loan agreement was signed by Sudanese finance minister Mohammed Othman Sulaiman Al Rikabi and the AMF’s director general chairman Abdulrahman Al Hamidy on the sidelines of the Joint Annual Meetings of the Arab Financial Institutions held in the Hashemite Kingdom of Jordan.

The AMF will grant the loan to the African nation in a bid to bolster micro, small and medium enterprises, as well as accelerate inclusive and sustainable economic growth and create jobs, according to a press release.

Total loans given by the fund to Sudan, including the aforementioned agreement, reached 15 loans at a combined value of $582 million.

It is noteworthy that the Arab Trade Financing Programme secured credit facilities to 23 accredited Sudanese National Agencies, the press added.

Accordingly, the total value of the lines of credit agreements concluded with the programme totalled $144 million; hence, the financial support provided by the Arab Monetary Fund and Arab Trade Financing Programme to Sudan stood at $726 million.

Sudan also benefits from the various technical assistance programmes provided by the AMF to help its member countries improve efficiency and develop their financial and banking sector, as well as reinforce capacity build in statistics within the framework of Arab Statistics Initiative “Arabstat”, the press concluded.

Mubasher Contribution Time: 12-Apr-2018 12:54 (GMT)
Mubasher Last Update Time: 12-Apr-2018 13:07 (GMT)