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The Export-Import Bank of the United States and the Government of Sudan Sign $1 Billion Memorandum of Understanding to Promote U.S. Exports to Sudan

Agreement Supports Commitment to Enhance Economic Cooperation Between the United States and Sudan, Exports for Employment Initiative

FOR IMMEDIATE RELEASE January 8, 2021

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KHARTOUM – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed and Republic of The Sudan Acting Minister of Finance and Economic Planning Her Excellency Dr. Hiba Ahmed Ali yesterday signed a Memorandum of Understanding (MOU) between EXIM and the Government of Sudan aimed at enhancing trade and economic cooperation between the two countries, and supporting “Exports for Employment” in both countries.

Chairman Reed and Minister Ahmed Ali signed the MOU at the Ministry of Finance and Economic Planning following a productive meeting where the two discussed the economic relationship between the United States and Sudan, Sudan’s commitment to economic reforms to transform its economy, and important export and import sectors.

EXIM Chairman Kimberly Reed and Sudan Acting Minister of Finance and Planning Her Excellency Dr. Hiba Ahmed Ali at Memorandum of Understanding Signing Ceremony
EXIM Chairman Kimberly Reed and Sudan Acting Minister of Finance and Planning Her Excellency Dr. Hiba Ahmed Ali at Memorandum of Understanding Signing Ceremony

Under the agreement, EXIM and the Government of Sudan agree to promote business development opportunities, and to explore and identify potential EXIM financing in a total aggregate amount of up to $1 billion, in sectors including, but not limited to, infrastructure, energy (including liquefied natural gas), agriculture, health care, mining, wireless communications (5G), and water treatment and sanitation.

“This is a big week for the United States and Sudan, with U.S. Treasury Secretary Steven Mnuchin, U.S. Permanent Representative to the United Nations Agencies for Food and Agriculture Ambassador Kip Tom, and I each meeting with Sudanese counterparts in Khartoum to focus on key topics like economic reform, food and agriculture, and transformational exports. The Government of Sudan recently joined the Abraham Accords, and EXIM looks forward to further supporting our mutual goals of peace and prosperity in Sudan and the region.” said Chairman Reed. “This Memorandum of Understanding builds upon that success. It is now important for the Government of Sudan to enhance its creditworthiness, as there is vast potential for industrial growth that could be supported by transformational, sustainable, and responsible projects involving high-quality U.S. goods and services.”

Access to EXIM financing is subject to EXIM approval for each transaction and must comply with EXIM terms, conditions, policies, and procedures. Under the MOU, EXIM and the Government of Sudan also intend to communicate about key risk factors that reduce EXIM’s ability to provide financing in Sudan, and EXIM financing will be contingent upon key risk factors being addressed.

The signing ceremony took place as part of Chairman Reed’s visit this week to Oman, Sudan, and Qatar to underscore U.S. commitment to strengthening bilateral partnerships and advancing economic prosperity in the Middle East and North Africa region.

For more information about EXIM products and financing, please contact EXIM at finance@exim.gov.

ABOUT EXIM:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.

For more information about EXIM, please visit www.exim.gov.