Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

World Bank Allocates $2 Billion to Sudan after Arrears Clearance


Mon 29 Mar 2021 | 03:34 AM
Taarek Refaat

A World Bank official said on Sunday that the bank will soon start the process of allocating about $2 billion in grants to Sudan, which marks the country's return to the international financial system after it managed to clear its arrears.

The World Bank’s International Development Agency (IDA) on Friday committed $2 billion over the next two years in grants.

The new financing was made possible through the settlement of Sudan's arrears to the bank, which was facilitated through a $1.15 billion loan from the U.S., which the World Bank repaid.

Ousmane Dione, the World Bank's country director in Sudan said that the priority areas for funds will be identified after the meetings early next month, and that the allocations will take into account the peace agreement signed in 2020.

The Sudanese cabinet highlighted in a statement on Friday that health, agriculture, infrastructure and education as priority areas for investment.