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


2015 elections are not a priority for Sudanese 2014-07-23 04:35:55 By Mahmoud A. Suleiman July 22, 2014 - This article comes against the backdrop of the news that reported the announcement of the National Elections Commission (NEC) that it had prepared the (...)

Bashir rests assured laden-burden on the Sudanese people’s shoulders 2014-07-14 06:09:16 By Mahmoud A. Suleiman July 13, 2014 - Omer al-Bashir believes that his continuing in power better protects him from tracking and prosecution by the International Criminal Court (ICC). He clings (...)

Lack of equity: A cause of many conflicts in Africa 2014-07-14 06:05:33 By Francis Ayul Yuar Nyok July 13, 2014 - It should be kept in mind that Africa crisis is not unique, more or less all the countries of the Sub-Sarah Africa are plague with acute poverty and in (...)


MORE








Latest Press Releases


Memory, healing and transformation in South Sudan 2014-07-23 05:55:08 Memory, Healing and Transformation in South Sudan A Working Paper by David K. Deng July 2014 Contents Introduction 1 What is memorialization? 2 Timing 2 Risks 3 Principles 3 Integrity 3 (...)

South Sudan: Independence Day marred by ongoing war crimes and looming famine 2014-07-09 01:39:56 AMNESTY INTERNATIONAL PRESS RELEASE 8 July 2014 South Sudan: Independence Day marred by ongoing war crimes and looming famine · Both sides to the conflict committing war crimes and crimes (...)

UN urged to probe alleged cover-ups and manipulations by its mission in Darfur 2014-06-26 05:40:52 Strengthen Peacekeeping Mission’s Rights Reporting, Civilian Protection (New York, June 25, 2014) – The United Nations secretary-general should investigate alleged cover-ups and manipulation of (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.