Sudan aims to sell Islamic bonds to Persian Gulf investors

Apr 08, 2010

The Governor of the Central Bank of Sudan has revealed that a delayed bond sale will now go ahead with the aim of raising $300 million (&#128;226 million) this year. <br /><br />

According to Bloomberg, Sudan wants to raise the amount by selling Islamic bonds - otherwise known as sukuk - in order to fund development projects, Governor Sabir Mohamed Hassan told reporters in Khartoum, the Sudanese capital. Buyers from the Persian Gulf region are being sought, as economic sanctions imposed by the US mean Sudan has been denied access to other international markets, he stated. In 2007, former President George W Bush imposed the trading measures in an attempt to stop the armed conflict in Darfur.

Now the global recession has eased, the Sudanese government is "targeting the range of $300 million" for the bonds, which are expected to be sold at the end of the third quarter of this year, the news agency reported Mr Hassan as saying. Mr Hassan has, in the past, undertaken a number of research studies regarding the economic stability of African countries, including the debt difficulties facing low-income nations on the continent.