AfDB signs first loan

Last updated on September 11th, 2021 at 03:00 pm

The African Development Bank has signed an agreement with DAL Group, one of Sudan’s largest conglomerates, for the provision of up to $75 million to improve food security and household incomes in the country. The agreement is the Bank’s first private sector loan to the East African nation.

The agreement was signed on Thursday, 5 March at a ceremony held at the Bank’s Sudan Country Office by Dr. Jennifer Blanke, Bank Vice President for Agriculture, Human and Social Development representing the Bank, and DAL Group Chairman Osama Daoud Abdellatif.

The financing facility comes in the form of a senior corporate loan of up to the equivalent of $75 million in multiple currencies, which includes $40 million and EUR 30 million.

Speaking after the signing ceremony, Abdellatif said business in Sudan has suffered for years due to lack of finance for agriculture, and noted the agreement marks the first significant financing DAL Group has received.

“At the end of the day, Sudan is an agricultural country, and there is so much we can do. I hope this is the beginning of many projects we can do together,” Abdellatif said.

(PMNEWS)