SAUDI ARABIA

Possibilities of opening branches of Saudi banks in Sudan being explored: Al-Jadaan

May 20, 2021
Minister of Finance Muhammad Al-Jadaan met with the Sudanese Prime Minister Abdullah Hamdouk on Wednesday in Paris.
Minister of Finance Muhammad Al-Jadaan met with the Sudanese Prime Minister Abdullah Hamdouk on Wednesday in Paris.

Saudi Gazette report

JEDDAH —
Minister of Finance Muhammad Al-Jadaan discussed with the governor of the Saudi Central Bank (SAMA) the feasibility of opening branches of Saudi banks in Sudan, the Sudan News Agency (SUNA) reported.

This move is aimed at facilitating the movement of capital between the two countries, in addition to expediting the remittances of Sudanese expatriates, Al-Jadaan said during his meeting with the Sudanese Prime Minister Abdullah Hamdouk on Wednesday in Paris.

Al-Jadaan confirmed the Kingdom's pledge to work jointly with Sudan in negotiations to deal with its debts with countries outside the Paris Club, including China, Kuwait, the UAE, and Japan, indicating that the main desire is to completely exempt the debt and not reduce it.

He noted the formation of a committee, in cooperation with the Public Investment Fund (PIF), headed by him, to take direct practical steps on the joint investment company between the two countries that had been announced.

Recently, Saudi Arabia announced a $20 million grant to contribute to covering Sudan’s financing gap with the International Monetary Fund during an international conference in Paris.

Foreign Minister Prince Faisal Bin Farhan said that Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman are keen to ease Sudan’s debt burden, in addition to strengthening Saudi investments in the north African country.

The leadership also seeks to provide the Kingdom’s support to all sectors of the country in order to fulfill aspirations of the Sudanese people for more Progress, prosperity and growth, he added.

The Saudi foreign minister also said that the grant is an extension of the previous support provided by Riyadh to Khartoum


May 20, 2021
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