Opening branches

Possibilities of opening Saudi Arabian bank branches in Sudan are being explored: Al-Jadaan

Saudi Gazette report

DJEDDAH – Finance Minister Muhammad Al-Jadaan discussed with the governor of the Saudi Central Bank (SAMA) the feasibility of opening Saudi bank branches in Sudan, the Sudanese News Agency (SUNA) reported.

The move aims to facilitate the movement of capital between the two countries, in addition to speeding up remittances from Sudanese expatriates, Al-Jadaan said during his meeting with Sudanese Prime Minister Abdullah Hamdouk on Wednesday in Paris.

Al-Jadaan confirmed the Kingdom’s commitment to work jointly with Sudan in negotiations to settle its debts with countries outside the Paris Club, including China, Kuwait, the United Arab Emirates and Japan, indicating that the main wish is to exonerate the debt completely and not reduce it.

He noted the formation of a committee, in cooperation with the Public Investment Fund (PIF), headed by him, to take direct practical action on the joint investment company between the two countries that had been announced.

Recently, Saudi Arabia announced a $ 20 million grant to help close Sudan’s funding gap with the International Monetary Fund at an international conference in Paris.

Foreign Minister Prince Faisal Bin Farhan said the guardian of the two holy mosques, King Salman and Crown Prince Muhammad Bin Salman, want to ease Sudan’s debt burden, in addition to boosting Saudi investments in this North African country.

The leaders also seek to bring the Kingdom’s support to all sectors of the country in order to meet the aspirations of the Sudanese people for more progress, prosperity and growth, he added.

Saudi Foreign Minister also said the grant is an extension of previous support provided by Riyadh to Khartoum

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