Islamic Bank Reveals Signature of Strategic Partnership with Sudan

Khartoum – Islamic Development Bank revealed 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, ex-Minister of Finance and economical expert, Dr. 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%.
Minister of Industry, Eng. Abdul Wahab Osman concentrated on the availed chances in the industrial sector in fodder, ethanol and meat.
He said that his Ministry's plan targets producing 10 millions toms of sugar by 2014.
State 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 government plan to utilize the water generating and preserving the prices.
Minister of Petroleum, Dr. Awad Ahmed Al-Jaz said that the Sudanese government demand of oil transit fees is against providing the pipeline, treatment points, and export harbours besides the security protection along the pipeline. He added that the government offered 6 new blocks for investment and received 70 bids from different companies which will be sorted out next week.
Minister of Minerals said in the forum organized on the sidelines of the Islamic Development Bank meetings that mist ministry granted privileges to giant companies to work in mining through agreements, adding that 7 companies already started its activities in gold, iron, copper, and silver mining.
Animal Wealth Minister, Dr. Faisal Hassan Ibrahim said that the government is controlling the animal diseases and exerting great efforts to improve the breeding of cows and goats through importing improved breeds, adding that the investment atmosphere is available for fish farming in the rivers and the Red Sea.
Tourism Stat Minister, Eisa Daifallah affirmed that tourism is considered Sudan's missing treasure, adding that tourism will have a great contribution in national income if perfectly utilized.
Investment Minister, El-Sadiq Hassabu said in a concluding statement of the forum that there will be a new investment encouragement act with considerable incentives and exemption to attract the investment.

By Shadia Basheri - Omar Ahmed Fadlallah, 02/04/2012