Sudanese finance minister seeks Islamic insurance, export credit

  • News Code : 226116
  • Source : SUNA
Sudan's Minister of Finance and National Economy, Ali Mahmoud, has called on the Islamic Investment Insurance and Export Credit to provide collateral for the security of Sudanese exports and investments in Sudan in all fields.
KHARTOUM (Ahlul Bayt News Agency) - Sudan's Minister of Finance and National Economy, Ali Mahmoud, has called on the Islamic Investment Insurance and Export Credit to provide collateral for the security of Sudanese exports and investments in Sudan in all fields.

Sudan is focusing on non-oil exports after South Sudan's secession, referring to Sudan's surpluses in agricultural production such as sorghum, animal resources and fruits, he said Sunday, noting that Sudan intended to expand cotton cultivation in the coming years.

Providing security for these products would enable Sudan to provide food security to the Arab and Islamic worlds, he said, while coming out with an obvious vision in co-ordination with Sudan to benefit from security of supply for Islamic institutions for the exporters and investors from Islamic countries, he said.

Speaking when he met the Executive Chairman of the Jeddah-based International Islamic Development Bank (IDB), Dr. Abdal-Rahman Al-Tayib Ali Taha, he called for a solution of the all barriers facing the work of the institution in Sudan, and for the continuation of co-operation with the bank in providing collateral for Sudanese exports.

Dr. Taha explained that the IDB worked to secure the risk of exporters' and investors' credit in member countries, referring to the importance of security on the credit risk, and explaining that the international markets had become open, a matter which dictated the provision of securities.

The IDB made available 1.4 billion USD for the security of investment and exports in the different countries, he said, adding that the institution also provided securities for the Arab and Muslim countries at 14 billion dollars, explaining that the institution raised 3.0 billion USD as collateral for the Arab and Muslim countries in 2010.

Dr. Taha explained that the Islamic institution issued securities worth 805 million USD, included letters of credit for Sudanese Banks at 500 million usd, financing electricity sector projects at 90 million usd, providing security for coverage of foreign investments into Sudan at 25 million USD as well as collateral for Sudanese exporters at 115 million USD.

He pointed out that the IDB worked to secure risk of currency transferring, nationalization, confiscation and war, adding that it also managed a program on the technical barriers on investment promotion and capacity building for Sudan's Ministry of Investment in co-operation with a United Nations programme.

He added that the IDB also provided insurance for Sudanese cattle exports to Saudi Arabia during Pilgrimage Charity Slaughter exercise at 1.9 million head of cattle besides providing security at 13 million USD in 2009 as well as 26 million USD in 2010 in collaboration with Shiekan Insurance Company and the National Agency for Financing and Insurance of Sudanese Exports.

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