African Development Bank to clear Sudan’s $413m arrears

The African Development Bank Group (AFDB) has approved a plan to liquidate Sudan’s $413 million arrears, SPA reported.

“This represents a milestone in the country’s re-engagement with international and global financial institutions,” the bank said in a filing.

The deal will allow AFDB to fully re-engage with Sudan, thus opening new financing opportunities for projects and programs that add more support to the bank’s ongoing operations,” said the group’s country manager Raubil Durowoju.

“With the additional financing flows expected after the arrears liquidation, the World Bank is looking forward to a new era of fruitful cooperation with Sudan, to realize the aspirations of its people for prosperity and sustainable development,” he added.

The US earlier confirmed it had assisted Sudan with more than $1 billion to help clear arrears at the World Bank and in support of reforms by the civilian-backed government.