Sudan Expects $2 Billion in World Bank Grants as Arrears Cleared

Sudan expects World Bank grants of $2 billion over the next two years, after the U.S. helped the cash-strapped country clear its long-standing arrears with the lender.

The clearance, announced Friday and facilitated by a U.S. bridge loan, will give Sudan’s government immediate access to $215 million in budget support and $420 million of financing for its family support program, the cabinet said in a statement.

Read more: Hedge Funds Eye Profits With Sudan Ditching Pariah Status

It’s “expected that over the course of the next two years, total grants of $2 billion will be made available to Sudan to finance its national development priorities, such as infrastructure, health, education, agriculture, and other productive sectors,” the cabinet said.

Discussions on those funds will begin in the next two weeks, according to the statement. The cabinet said the move brought Sudan “significantly closer” to a decision on relief for a country that is ranked among the list of Highly Indebted Poor Countries. The International Monetary Fund is due to speak to reporters on Sudan’s debt situation later Friday.

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