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Clearance of the arrears
Details
Location:Sudan
Category:Unspecified/other
Status:Completion and evaluation
Sectors:Macro-Economy & Public Finance, Financial Services & Audit
Contracting authority: African Development Bank (Sudan)
Description
The Boards of Directors of the African Development Bank Group on Friday approved a proposal for the clearance of about $413 million in arrears on loans owed by Sudan to the institution, marking a major milestone in the country’s re-engagement with international financial institutions and the global economy.
The proposal enables the Bank to proceed with clearing Sudan’s arrears with the African Development Bank Group, with the support of the United Kingdom and Sweden. The U.K will provide bridge financing to clear Sudan’s arrears to the African Development Fund, while Sweden has committed to providing grant financing of about $4.2 million to meet Sudan’s burden-share for the operation.
Upon full clearance of the arrears to the Bank group, sanctions on Sudan will be lifted and a Policy-Based Operation (PBO) will be provided to the country as part of the Bank’s full re-engagement, to complement on-going Bank operations.
Clearing of arrears with international financial institutions such as the African Development Bank, the World Bank and the International Monetary Fund, is one of the preconditions for Sudan under the Highly Indebted Poor Countries Initiative.
Raubil Durowoju, the African Development Bank Group’s Country Manager for Sudan said that the arrears clearance would allow the African Development Bank to fully re-engage with Sudan, opening up new financing opportunities for projects and programs that add further support to ongoing Bank operations.
“With the expected additional financing flows following the arrears clearance, the Bank is looking forward to a new era of fruitful cooperation with Sudan to realize its peoples’ aspiration for prosperity and sustainable development,” Durowoju said.
The arrears clearance will also provide the fiscal space for Sudan to embark on a road to sustainable socio-economic development and will complement its efforts to advance its development agenda, which includes consolidating peace, accelerating poverty reduction and generating much-needed financing for transformative and inclusive growth.
The Bank Group’s current portfolio in Sudan comprises 18 operations for a total commitment of about $0.5 billion, covering operations in the agriculture, water and sanitation, social and energy sectors, as well as support for multi-sector capacity building activities and the private sector.
Contact:
Amba Mpoke-Bigg, Communication and External Relations Department, African Development Bank, email: a.mpoke-bigg@afdb.org
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tender Background
About the Funding Agency
African Development Bank (HQ)
The African Development Bank is a regional multilateral development finance institution, established in 1963, with a mandate to further economic development and social progress of African countries, individually and collectively. 80 member countries including all the 54 African countries and 26 non-African countries in the Americas, Europe and Asia own the Bank.
The Bank's principal functions include:
- using its resources for the financing of investment projects and programs relating to the economic and social development of its Regional Member Countries (RMCs);
- the provision of technical assistance for the preparation and execution of development projects and programs;
- promoting investment in Africa of public and private capital for development purposes; and (iv) to respond to requests for assistance in coordinating development policies and plans of RMCs. In its operations, the Bank is also required to give special attention to projects and programs that promote regional integration.
The Bank began its operations from its headquarters, in Abidjan, Côte d’Ivoire on July 1, 1966. For the purpose of its operations, the Bank also maintains Regional Resource Centers and Field Offices within RMCs.
For projects financed by the Bank resources, the charter requires suppliers for contracts for institutional activities and projects to be nationals of a member country. Only bidders from a member country of the Bank are eligible to participate in the procurement process. For goods to be eligible, they must originate from a member country.
About the Sectors
Macro-Economy & Public Finance
Includes initiatives that support macroeconomic stability, sound fiscal policy, and effective management of public financial resources.
Key areas:
- Macroeconomic analysis and policy support
- Public finance management (PFM)
- Government budgeting, taxation, and debt management
- Economic growth and development strategies
Financial Services & Audit
Covers financial, banking, insurance, investment, and audit services related to the management, transfer, and oversight of financial resources.
Key areas:
- Financial services, banking, and insurance
- Accounting, auditing, and financial reporting
- Investment, capital markets, and financial inclusion
Locations
Sudan
Sudan’s infrastructure and development trajectory has been heavily disrupted by political instability and conflict, resulting in deterioration of transport, energy and water systems. Prior to recent crises, reform efforts aimed to modernise electricity networks, expand agricultural infrastructure and improve regional trade connectivity. Recovery will require substantial reconstruction financing, institutional reform and improved governance to restore infrastructure capacity and rebuild investor confidence.
Nr. of tenders: 13457
Nr. of grants: 3337
Nr. of donors: 624
Nr. of jobs: 62
Nr. of tenders: 13457
Nr. of grants: 3337
Nr. of donors: 624
Nr. of jobs: 62
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