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Sudan clears World Bank debt

BUSINESS
By Reuters | March 27th 2021

Sudan has settled its debts with the World Bank after nearly three decades, paving the way for the country to access nearly $2 billion (Sh218 billion) in grants from the International Development Association, the bank said.

World Bank President David Malpass said yesterday the move marked a breakthrough for Sudan, putting it on the path to substantial debt relief and economic revival.

The payment was made possible through a $1.15 billion bridge loan from the US government.

Sudan’s finance minister Gibril Ibrahim said clearance of the arrears would enable the country to move forward with development projects.

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