Agencies, Ammon News -

The US Treasury Department announced the settlement of one billion dollars of Sudan’s arrears to the World Bank, after its removal from Washington’s State Sponsors of Terrorism list.

The move allows Sudan to access $1.5 billion annually in funds from the World Bank’s International Development Association (IDA).

Sudan’s presence on the list had cut it off from obtaining much-needed financial aid and foreign investment in the midst of an economic crisis marked by shortages in wheat and fuel.

France welcomed the US decision to remove Sudan from the list, saying it is an acknowledgment of the “efforts for more than a year now by the Sudanese government and people in order to ensure the success of the political transition.”

The French Foreign Ministry reaffirmed its full support for Sudan’s democratic transition and announced its intention to hold a high-level conference in the first half of 2021 in order to mobilize international support.

Acting finance minister Heba Ahmed Ai said on Monday that the US Export-Import Bank would also provide guarantees to US investors from the private sector that could initially total $1 billion after Washington removed Sudan from the terrorism list.

Ahmed also said that the US support would extend to the provision of wheat and other commodities over four years.

Meanwhile, informed diplomatic sources in Washington revealed that the Sudanese government is discussing with US authorities recovering frozen assets in US banks, which belonged to the previous cabinet.

The sources told Asharq al-Awsat that the US Treasury and a number of banks are in discussion with the Sudanese government on the assets, which have been frozen for the past 27 years.

The assets were held after Washington included Khartoum on the terror list during the regime of former president Omar al-Bashir.

The sources did not indicate the total amount of funds, but a number of Sudanese officials estimated them at $48 million.

In addition, Sudan has been reportedly asking Washington for $59 billion over the use of its airspace and air navigation services for 27 years without paying fees.

Back then, the General Director of Civil Aviation Authority, Ibrahim Adlan, announced that the US had not paid any claims since 1993, and the amount added up to $59 billion in assets and interest.

Adlan explained that the civil aviation bill is calculated every 20 days, and in the event that payment is delayed, a four percent interest rate is added, and the calculations are repeated again after 20 days.

The sources also disclosed that a number of US technical, industrial, and agricultural companies expressed their desire to invest in Sudan.

Boeing and General Electric are expected to enter the Sudanese market soon, after a delegation of one of the companies visited the country and met with the Sudanese Prime Minister, indicated the sources.

In addition, a number of US banks, and exchange and agricultural firms have expressed willingness to invest in Sudan, said the sources, adding that the government is seeking to attract more companies.

The diplomatic sources expressed hope that the ongoing talks would help both countries move forward towards security and economic cooperation.