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Abu Dhabi invests Dh770m in Sudan

posted on 22/04/2002: 863 views

Abu Dhabi invests Dh770m in Sudan

The Abu Dhabi Fund for Development (ADFD) has invested more than Dh770 million in Sudan's economic development projects, according to Dr Abdul Raheem Hamdi, the Sudanese Minister of Finance and Economy. The fund recently provided a loan of Dh682 million to major projects, including the development of Khartoum International Airport and the construction of Haya-Sawakin - Port Sudan, a 1,200-km long road to Khartoum, he said. Small loans were also extended by the fund to develop projects in some of Sudan's provinces, including Dh75 million for environment and water projects in Darfor and Kordufan.

The ADFD has been funding projects in Sudan since 1976 when it took the initiative to invest in the Haj Abdullah Weaving Industry and the development of Sudan Railway, allocating Dh450 million for both projects, the minister said. The fund continued to support viable projects in the country for a long time until the nineties when it stopped funding, he pointed out. The funding was resumed in the last couple of months following the signing of the Avoidance of Double Taxes Agreement and the economic cooperation agreement between Sudan and UAE.

ADFD is now exploring the possibility of contributing in a number of projects in the agriculture, ports and transport sectors. A number of UAE businessmen have also expressed interest to invest. Now most of Sudan's foreign direct investments are from countries like Malaysia, China, India, Canada and Arab countries including Saudi Arabia, UAE, Qatar and Jordan," he said. (The Khaleej Times)


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