ibironkeeniola 
In its first private-sector loan to Sudan, the African Development Bank (AfDB) has signed a pact with DAL Group to provide funds to the tune of $75 million, to bankroll food security in the country.
DAL Group is said to be Sudanese Largest Conglomerate and will receive the financing facility in form of a senior corporate loan in multiple currencies – $40 million and EUR30 million.
AfDB Vice President for Agriculture, Human and Social Development, Dr. Jennifer Blanke, alongside the Chairman, DAL Group, Osama Daoud Abdellatif, signed the agreement last week Thursday at the Bank’s County Office in Sudan.
According to Blanke, agriculture and agri-business are significant factors in the development of Sudan as a nation.
“This is the African Development Bank’s first private sector loan in Sudan. I am delighted that it is in agriculture and agri-business, which is so important for Sudan’s development,” she said.
On his part, Abdellatif cited the agreement as the first of many milestones in the development of Sudan’s agriculture, adding that the country had been bereft of finance to drive its agriculture.
He said, “At the end of the day, Sudan is an agricultural country, and there is so much we can do. I hope this is the beginning of many projects we can do together”
As part of its strategic growth initiative for Sudan and the East African region, DAL Group with the loan, will create a conducive work environment for women and promoting equal opportunity for employment.
The Group intends to create additional 2,000 jobs over an 8-year period.
The agreement resonates with the developmental objectives of the AfDB to transform Africa’s agriculture with its Feed Africa strategy.
SOURCE: AGRONIGERIA