Kuwait Fund for Arab Economic Development (KFAED) and the Government of Sudan have signed on Thursday an agreement by virtue of which KFAED will offer USD 46 million loan for the latter to finance the launching of an integrated mining project.
The document was signed by head of KFAED technical mission in Sudan Dr. Mohammad Sadeqi and Undersecretary of the Sudanese Ministry of Finance Yousof Al-Hussein in the presence of Sudanese Minister of Finance and National Economy Ali Mahmoud and Minister of Minerals Kamal Abdullatif, as well as Kuwait Ambassador Talal Al-Hajri and other dignitaries.
Speaking at the signing ceremony, Al-Hussein said Sudan holds in high esteem its deep-rooted historical relations with the State of Kuwait and highly appreciates the role of KFAED in its development projects.
"The activities of KFAED in Sudan date since 1962; over the last four decades the Fund offered a lot of financial assistance for several development projects," he pointed out.
Al-Hussein voiced hope that KFAED will pursue "its great role" in serving the interests of both countries.
On his part, Ambassador Al-Hajri said, in a statement to KUNA, the loan will be channeled to a mining project - the 26th in a chain of projects wholly or partially financed by KFAED starting with the railway project.
"The project costs up to USD 65 million. KFAED will cover 71 percent of the cost while the Sudanese government will cover the remaining 29 percent," he pointed out.
"The project envisages building 12 laboratories with the latest technical standards over an area amounting to 1,000 meters in the free zone, some 60 km north Khartoum," Al-Hajri said.
"It will give a quantum leap to the mining sector which plays a growing role in Sudan's economic development," he added.
Meanwhile, chief of FFAED's mission Sadeqi said the Fund was keen, while studying the project with its partners in the ministries of finance and minerals, that the project must meet the state-of-the-art methodologies.
"The project will represent a scientific edifice that could help optimize use of mineral wealth in Sudan and neighboring countries," he noting, adding that world-renowned consultants will help design the labs and train the local cadres.
The project will take three years to complete starting from early 2014, he added