Sudan Clears Arrears, Gains Access to $2 Billion in New World Bank Financing: #Sudan has settled its #debts with the World Bank after nearly three decades, moving the heavily-indebted African country closer to a much-needed international #debtrelief package, the #WorldBank and U.S. Treasury Department said on Friday.
World Bank President David Malpass said the move meant Sudan could now access nearly $2 billion in #grants from the Bank’s International Development Association (IDA).
Payment of Sudan’s arrears was made possible through a $1.15 billion bridge loan from the U.S. government.
Sudan’s finance minister Gibril Ibrahim said clearance of the arrears would enable the country to secure financing from the World Bank Group and other multilateral institutions and move forward with transformative #development projects.
“We are thankful to the U.S. government for facilitating this clearance process, which also supports our drive towards more comprehensive debt relief,” Ibrahim said. https://lnkd.in/eG3Yerj
Forward Sudan, Onward Africa.
