Sudan, Belarus to activate export finance agreement by more than $100 million

OnePress

Sudan and Belarus signed the second part of the export financing agreement between the two countries (the “Basic Agreement”) at the headquarters of the Belarusian Development Bank in the capital Minsk. On the Sudanese side, the Minister of State for Finance and the Belarusian side, Mr. Sergei Stal Charlock, Chief Executive Officer of the Belarusian Development Bank, in the presence of Ambassador Omar Al-Amin Abdullah, Ambassador of Sudan to Belarus, and Mr. Salah Mohamed Abdul Rahim, Director General of the Agricultural Bank of Sudan.

The Minister of State at the Ministry of Finance led high-level talks with the Governor of the Belarusian Bank to activate the agreement, through the payment of joint banking cooperation files, primarily facilitating direct banking correspondence and expanding the opening of financing lines.

In an important step, the Minister of State presented a strategic initiative that adopts the “circular loan” formula to secure basic goods, a vital financing mechanism that allows access to finance strategic goods through profit sharing. The bank has promised to study the request.

In the first phase, the Belarusian Development Bank will provide more than $100 million in financing for the construction of 17 silos for grain storage based on the signed agreement, and the establishment of a line for the assembly of Belarusian tractors in Sudan. The next phase will focus on food security, agricultural mechanization, transport and infrastructure rehabilitation projects to integrate Sudan’s vast natural resources with Belarusian technology in agriculture and manufacturing. He stressed that this agreement comes as an activation of the decisions of the joint ministerial committee between the two countries, which held its meetings last May.

The Minister of State discussed the financing of a fleet of buses for public transport and railways, in addition to enhancing banking cooperation to facilitate financial and trade transactions, attract Belarusian investments and increase Sudanese exports, while overcoming obstacles and coordinating communication in the fields of trade, industry and mining, which opens a new page in the course of economic relations between the two countries.