Home | News    Thursday 20 March 2014

Sudan seeking to solicit more investment from China

separation
increase
decrease
separation
separation

March 19, 2014 (KHARTOUM) – The Sudanese ministers of finance and oil held talks on Wednesday with the head of the Export-Import Bank of China Li Ruogu in Beijing to discuss role his bank can play in financing more development projects in Sudan and strengthening economic partnership between the two countries.

JPEG - 23.2 kb
Workers for the China Petroleum Engineering & Construction Corp (CPECC) construct new oil facilities in Sudan. (Photograph: Trevor Snapp/Bloomberg/Getty Images)

Ruogu underscored China’s commitment to economic cooperation with Sudan and disclosed that they are close to completing the process of financing the new Khartoum airport after finishing the technical data and the related financing agreement .

He also said that the bank is positively Blue Nile Sugar Factory and the Omdurman-Bara road projects.

The two Sudanese officials also met with executives at the China National Petroleum Corporation (CNPC) to discuss ways to boost oil production in Sudan and increasing the capacity of the Khartoum refinery.

Both sides affirmed the importance of cooperation between them and the need to develop and expand it to serve as a model for cooperation between China and developing countries.

They also hailed the great attention and care that oil cooperation receives from the leaderships of Sudan and China.

The Sudanese ministers also held meetings with managers in several other Chinese banks as well as officials of the Chinese Communist Party and the leadership of the State Committee for Energy and head of companies that have projects underway in Sudan.

China has been Sudan’s largest foreign investor particularly in oil and telecommunications after western firms shunned the East African nation due to conflicts and sanctions.

But a report by Reuters cited growing difficulties facing Chinese investments as a result of the deteriorating economy.

China’s exports and imports to and from Sudan, which totaled $11.5 billion in 2011, amounted to just $3.3 billion in the January-November period of 2012, according to official Chinese data quoted by Reuters.

The drop in oil trade accounted for much of that decline. But even while the oil industry has been shut down trade has continued to fall. In the first five months of 2013, Chinese exports to Sudan fell 8 percent from a year earlier to $1.7 billion, the data shows.

Sudan has seen its economy take a nosedive after the south became independent in July 2011, taking with it three-quarters of the once united country’s oil output. According to figures from the International Monetary Fund (IMF), the country’s GDP contracted by 4.4% in 2012.

After the country’s partition, the Sudanese government was forced to undertake austerity measures including one last September that triggered violent demonstrations across the country.

The Sudanese pound has lost more than half its value, pushing inflation rates to record levels given that the East African nation imports most of its food.

As a result, foreign investment companies operating in Sudan are suffering from the shortage in hard currency and continue to complain about losing millions of dollars when buying it from the black market.

More recently it was revealed that a number of Saudi and European banks took a decision to stop dealing with Sudanese banks.

Sudanese officials attributed the move to pressure by the United States which has comprehensive economic sanctions imposed on the East African nation since 1997.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 20 March 06:45, by Oppressor

    Good step & well done job..

    repondre message

    • 20 March 09:03, by Johndumo14

      Dr Riek Machar spokesman says,our forces have withdrawn from Malakal for tactical reasons. We will however retakethe town soon.He talk like stupid person,come even if you come 100 times,you are the loser after all nuer children are to suffer,no food ,no education,This is not the first time SPLA are at war with only Nuer rebels,they did in 1991 and they will do it Again even if you join Bashir.

      repondre message

      • 20 March 13:27, by Oppressor

        Jeng Johndumo14 if Machar joined hand with us then say bye bye to all dinka in south ya baleed..

        repondre message

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


South Sudan: Justice remains elusive, one year on 2014-12-17 04:17:40 By Elizabeth Deng December 16 2014 - A year after the outbreak of violence in Juba last December, hopes of accountability for abuses linked to the conflict remain distant. Despite repeated calls (...)

President Salva Kiir has betrayed his people and the nation 2014-12-17 04:15:00 By James Gatdet Dak December 15, 2014 - After many painful decades of destructive war of liberation against successive oppressive regimes in Khartoum, people of South Sudan gained their hard won (...)

Sudan protects terrorists 2014-12-15 04:29:57 By Kimberly Hollingsworth* December 15, 2014 - Sudan used to be the heart of Africa; now, Sudan is the heart of international terrorist organizations. Sudan is the hub for training extremists. (...)


MORE








Latest Press Releases


Norway grants US $1.9 million for humanitarian needs in Darfur 2014-12-16 06:47:08 The United Nations World Food Programme (WFP) - KHARTOUM Norway helps provide nutritious food to malnourished families in Sudan 14 December 2014 KHARTOUM – The United Nations World Food Programme (...)

Darfur Association "disheartened" by ICC decision to not meet them 2014-12-14 05:50:13 12 December 2014 RE: DPANY Requests/Direction of the OTP in the Situation of Darfur Dear Prosecutor Fatou Bensouda, We, the Darfur People's Association of New York, are disheartened by your (...)

REDRESS calls for the immediate release of Sudan’s distinguished human rights lawyer 2014-12-10 09:02:53 December 9, 2014 ­­ — REDRESS, and many other individuals and organisations around the world, are extremely concerned by the continuing secret detention of Dr. Amin Mekki Medani. On Saturday, 4 (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.