Islamic Bank Signs Strategic Partnership with Sudan

Islamic Development Bank announced during its 37th meeting held in Khartoum the signature of four agreements with Sudan for a 3 – 5 strategic partnership to determine the projects in the important sectors coinciding with the priorities and the Islamic Bank finance strategies in Africa.

Islamic Bank representative in Sudan, Zain Al-Abdeen Ali affirmed that there are important development programmes in Africa costing US$12 billions out of which the Islamic Bank contributes US$4 billions.

He affirmed that the ongoing meeting will discuss a new programme and exchanging the experiences to come out with the comparative advantage of some states like Sudan in fields such agriculture.
For his part, Sudanese ex-Minister of Finance and economical expert, Abdul Rahim Hamdi affirmed that the Sudanese banks do not avail financing opportunities besides the high cost of microfinance, pointing out to the difficult conditions in the loans as 60% of the bank’s profits go to services provided.
Hamdi called for reducing the finance cost to 50% besides imposing debt writing instead of Murabaha besides extending the payback period and supporting the financing with 50%.

Sudan’s Minister for Electricity, El-Sadiq Mohammed Ali said that the government implemented low-cost electricity projects from Meroe, Roseres, Siteet and Upper Atbara River dams financed by the Islamic Development Bank within the framework of the Sudanese government plan to utilize the water generating and preserving the prices, Sudan Vision reported.