CAIRO (AP) — The Sudanese government said Friday it cleared all of its overdue payments to the World Bank, a move that gives the highly-indebted country access to new types of international financing for the first time in decades. This development allows Sudan to resume normal relations with the World Bank after nearly 30 years of suspension, according to a statement released by Sudan’s Cabinet. The World Bank said that by clearing its debts, Sudan will have access to nearly $2 billion in grants for poverty reduction and sustainable development. “This is a breakthrough at a time when Sudan needs the world’s help to support its development progress,” said World Bank Group President David Malpass, referring to the clearance of Sudan’s arrears. The Sudanese government said that it shall soon discuss with the World Bank the schedule for the disbursement of total grants of $2 billion over the next two years.

Source: Egypt Independent March 26, 2021 17:15 UTC