AfDB Launches U.S. $1.6 Million Grant Project in Sudan
The African Development Bank and the Government of Sudan launched a project on Capacity Enhancement for Debt Management and Resource Mobilization (CEDMRM). The US $1.5 million grant from Fragile States Facility (Pillar III) was approved by the Bank's Board early this year and the agreement signed with the Government on May 3, 2012.
This project launch was presided over by the Undersecretary of the Ministry of Finance and National Economy, Abdalla Elhusein.
In his remarks, Elhusein praised the Banks' efforts and commitment to meeting the challenges facing Sudan. He reiterated that the African Development Bank is the "nearest development institution to our country that helps us to address our capacity challenges by mapping funds to the special needs of the country."
Besides the traditional capacity building activities in the areas of debt management and resource mobilization, the project will also finance scoping studies in resource mobilization and organizational structures of budgetary institutions. The main beneficiaries of the grant are Sudan's Ministry of Finance and National Economy, and the Central Bank of Sudan.
The Bank's Resident Representative to Sudan, Abdul B. Kamara, underscored the importance of the grant, given the magnitude of Sudan's external debt, which is currently estimated at US $40 billion. He also reiterated the need for Sudan to maximize and diversify domestic sources of resource mobilization, given the significant loss of oil revenue resulting from South Sudan's secession, and given the concentrated nature of the country's economy.
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