Home | News    Tuesday 25 March 2014

China to provide new loans to Sudan: official

separation
increase
decrease
separation
separation

March 24, 2014 (KHARTOUM) – The Sudanese ministry of finance of Sudan signed a number of agreements China in the fields of launching new oil exploration efforts, development projects in addition to the approval of additional loans, an official here said today.

JPEG - 18.8 kb
Meeting between Sudan’s ruling NCP and China’s CCP in Beijing June 29, 2013 (Chinese foreign ministry)

The Undersecretary at the Ministry of Finance Youssef Abdullah al-Hussein told the Sudanese Media Center (SMC) website after returning from Beijing that the two sides reached an understanding on the construction of the new Khartoum International Airport, Blue Nile sugar factory and Omdurman-Bara road project.

They also agreed on working to increase Sudan’s oil production and speed up work on the country’s railway system, he added.

Al-Hussein said that Beijing confirmed its earnest desire to help Sudan overcome its economic obstacles. He praised the role of the Export-Import Bank of China which funds development projects which will begin in the second half of this year.

The Sudanese official also announced that the bank promised to fund oil projects in coordination with the China National Petroleum Company (CNPC) and credit institutions.

Last week the Sudanese finance minister Badr al-Deen Mahmoud and the oil minister Makkawi Mohamed Awad visited Beijing for talks with Chinese officials and executives of major companies and banks.

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 last year 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, Reuters quoted official Chinese data.

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.

The World Economic Outlook (WEO) released last October by the IMF projected Sudan’s economy to grow by 3.9% in 2013 and 2.5% in 2014.

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.

(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.

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


The perilous change in Darfur’s demography 2015-08-28 08:10:36 By Eric Reeves The debate about whether or not Darfur was the site of genocide long ago flamed out, largely because the issue became excessively politicized and the world—in general—no longer (...)

IGAD-Plus and Peace Politics: Dateline without deadline 2015-08-23 20:24:08 “It is time we define governments in Africa as the responsibility, not the power” – Dlamini-Zuma By James Okuk On 17th August 2015 in Addis Ababa, the Intergovernmental Authority on Development (...)

South Sudan Peace Agreement: to Sign or not to Sign 2015-08-19 05:44:38 By Steve Paterno South Sudan peace process faltered badly. The most anticipated deadline to sign a final comprehensive agreement has passed, with government failing to ink the proposed (...)


MORE






Latest Press Releases


Resolutions and recommendations of the SPLM-N leadership meeting 2015-08-11 22:21:18 SUDAN PEOPLES’ LIBERATION MOVEMENT NORTH Leadership Meeting of the Sudan People’s Liberation Movement- North ( SPLM-N) Final Communique: Resolutions and Recommendations August 6th, 2015 The (...)

Sudanese, human rights groups and advocates demand renewal of UNAMID 2015-06-25 06:03:32 FOR IMMEDIATE RELEASE CONTACT: New York: Ahmed H.Adam, Tel. +1 347 567 1491 or aha64@cornell.edu Kampala: Abdelrahman Gasim, Tel. +256 7 51 90 77 77 or gasim202000@gmail.com Geneva: Abdelbagi (...)

Civil society groups urge to stop hostilities in W. Bahr El Ghazal 2015-06-11 22:24:37 Urgent action for sustainable peace in Western Bahr El Ghazal State Civil Society Statement: June 10, 2015 Wau –Western Bahr El Ghazal State- The Republic of South Sudan We, civil society (...)


MORE

Copyright © 2003-2015 SudanTribune - All rights reserved.