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


Sudan’s “stolen verdict” 2015-05-04 21:02:58 Even President Obasanjo, the defense witness turned “hostile” By Trayo Ahmed Ali (1) Get this first: To start with, I am fascinated to bring this comment by a Sudanese blogger reflecting on the (...)

Democracy needs a free press 2015-05-03 21:49:33 By Ambassador Jerry Lanier, Every year on May 3, the world celebrates World Press Freedom Day to recognize the fundamental principles of press freedom; evaluate press freedom around the world; (...)

Victory and defeat in a battle do not constitute a loss of the war 2015-05-03 21:30:00 By Mahmoud A. Suleiman This article comes against the backdrop of the battle between the Janjaweed militia codenamed Rapid Support Forces (RSF) hired by the ruling regime of the National (...)


MORE






Latest Press Releases


HRW calls to stop arbitrary detention in Sudan 2015-04-30 21:53:00 Sudan: Surge in Detention, Beatings, Around Elections Free Those Held Arbitrarily; Investigate Abuses (Nairobi, April 29, 2015) – Security forces in Sudan<https://www.hrw.org/africa/sudan> (...)

Sudan’s 2015 Elections: A huge step in democratic consolidation 2015-04-22 13:12:25 EMBASSY OF THE REPUBLIC OF THE SUDAN 3 CLEVELAND ROW, ST.JAMES'S LONDON SW1A 1DD TEL: 020-7839 8080 PRESS AND INFORMATION RELEASE (2/2015) Sudan’s 2015 Elections: A Huge Step in Democratic (...)

Sudanese security arrest rights defender Adil Bakheit 2015-04-18 08:04:21 FRONT-LINE DEFENDRSPress StatementSudan Human rights defender Adil Bakheit arrested Human rights defender Mr Adil Bakheit was arrested on 16 April 2015 by the National Intelligence and Security (...)


MORE

Copyright © 2003-2015 SudanTribune - All rights reserved.