Home | News    Wednesday 22 April 2020

American Express says no current plans to enter Sudanese market

separation
increase
decrease
separation
separation

April 21, 2020 (NEW YORK) – The New York-based American Express Co. (AMEX) has no current plans to enter the Sudanese market despite recent moves by several U.S. companies to do business in the East African nation.

Over the last year a handful of American companies such as Oracle, Kentucky Fried Chicken (KFC) & Visa Inc. decided to venture into Sudan which used to be under comprehensive U.S. economic sanctions.

The San Francisco-based Visa Inc, the world’s largest credit card network, announced in March that it is “pleased to be building new partnerships that will bring the benefit of Visa’s world-class payment technology to help support financial inclusion and economic growth in Sudan".

Many American companies such as package delivery company FedEx still maintain to their customers that they do not offer service to Sudan because of the economic embargo even though it was officially lifted in October 2017.

Sudan remains on the U.S. list of states that sponsor terrorism which Khartoum says is putting off foreign investors. The designation does not bar US companies from engaging in trade with Sudan but imposes restrictions on Washington’s support for debt relief & bilateral aid as well as the sale of American defence products.

AMEX, one of the world’s largest credit card issuer, said that sanctions are not the reason why it has not sought to explore opportunities in Sudan.

“While Sudan is no longer subject to an OFAC comprehensive sanctions regime, there are other material compliance risk factors: business in Sudan,” Amex spokesperson Marina Hoffmann Norville said in an emailed response to questions from Sudan Tribune.

“While I cannot speak to future plans American Express may make, I can tell you that at this time we are not in the process of entering the Sudanese market,” she added.

U.S. officials insist that Sudan has several economic & reputational hurdles it needs to overcome in order to attract foreign capital.

“The state sponsor of terrorism listing is not preventing Sudan from participating in international finance. There are a number of other criteria; for instance, Sudan has considerable arrears to international financial institutions which prevent those international financial institutions from making additional loans or grants to Sudan, so that’s one of the problems. ….. So the issue is, number one, reputational; number two, it is the arrears that Sudan has built up that will need to be negotiated in the future,” U.S. Assistant Secretary of State for African Affairs Tibor Nagy told reporters earlier this year.

Last month the U.S. Assistant Secretary for Terrorist Financing at the U.S. Department of Treasury Marshall Billingslea travelled to Khartoum for meetings with top Sudanese officials for discussions on combating money laundering and terrorist financing.

(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


What Makes an Uprising? 2021-09-03 17:29:45 By: Dr Lam Akol* In an undated article, Hon. Atem Garang de Kuek discussed what was required for an uprising in South Sudan to succeed as did three uprisings in the recent history of Sudan (...)

Is IGAD partly responsible for current confusion in South Sudan? 2021-08-21 09:41:17 By Bol Khan In April 2016, Radio Tamazuj posted and answered questions about the fainting Security arrangements or demilitarization of the capital, Juba as stipulated in 2015's signed ARCSS and (...)

South Sudan People Coalition for Civil Action (PCCA) is to create warlords 2021-08-19 11:06:28 By Steve Paterno In South Sudan, where just about everyone has access to guns (tons of them), and almost every ambitious politician is a potential warlord, any slight destabilization of the (...)


MORE






Latest Press Releases


Statemeny bu Hala al-Karib to UN Security Council on women conditions in Sudan 2021-09-15 11:59:16 Statement by Ms Hala Al-Karib to the UN Security Council 14 September 2021 Madam President, Excellencies, My name is Hala Al-Karib and I am the Regional Director of the Strategic Initiative (...)

Joint Communiqué on the visit of H.E. the Prime Minister of the Republic of Sudan to Juba 2021-08-23 11:23:26 19 – 21 August 2021 His Excellency Dr Abdallah Hamdok, Prime Minister of the Republic of the Sudan and Chairperson of IGAD, accompanied by Ministers of Defence, Foreign Affairs, Trade, (...)

S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)


MORE

Copyright © 2003-2021 SudanTribune - All rights reserved.