(Bloomberg) --
June 25, 2020
Sudan secured more than $1.3 billion in aid pledges from the Western world and the World Bank, but little more than moral support from fellow Arab nations at a donor conference the impoverished nation is hoping will kickstart an economic revival.
The European Union pledged 343 million euros ($384 million), Germany added in 150 million euros and the U.S.’s aid agency promised $356 million at Thursday’s meet. The funds are sorely needed by a country where the economy is projected to shrink 8% this year and that’s reeling from commodity shortages and a plunging currency.
Other pledges included:
- World Bank: $400 million in pre-arrears clearance grants -- a mechanism that can help Sudan raise $1.75 billion in aid from international financial institutions through 2023, according to World Bank’s president David Malpass
- Sweden: 20 million euros
- Spain: 3 million euros and readiness to cancel $74m in debt as soon as “conditions are met”
- The Arab League offered no funds, but committed to providing capacity building and supporting the peace process in the country
- United Arab Emirates: Will support the World Bank-World Food Program initiative that had provided Sudan with $50 million; U.A.E.’s international cooperation minister reminded participants that her country and Saudi Arabia had pledged $3 billion to Sudan after President Omar al-Bashir’s fall in 2019
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