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IsDB Finances Sudan’s Upper Atbara Dam Complex Project with $135 Million

IsDB Finances Sudan’s Upper Atbara Dam Complex Project with $135 Million
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IsDB Finances Sudan’s Upper Atbara Dam Complex Project with $135 Million

IsDB Finances Sudan’s Upper Atbara Dam Complex Project with $135 Million

The Islamic Development Bank (IsDB) announced on Sunday a $135 million financing package for the Upper Atbara Dam Complex project in eastern Sudan. This significant investment aims to bolster the region's water and energy infrastructure.

The Upper Atbara Dam Complex project is regarded as a groundbreaking initiative for sustainable water and energy resource management. It is designed to harness 3.6 billion cubic meters of water and generate 320 megawatts of renewable energy at the Rumaila power station.

In addition to boosting renewable energy production, the project will provide clean water to eastern Sudan, benefiting the surrounding communities.

According to the IsDB, the project sets a new benchmark for sustainable development in the region, focusing on boosting economic growth through improved infrastructure for water and energy resources.

The initiative also aims to expand access to renewable energy and clean water, contributing to long-term development and stability in eastern Sudan.

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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)

Türkiye’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.
Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%.
The committee said in a statement that the overall inflation trend was “flat” in November and that indicators suggest it is likely to decline in December, The Associated Press reported.

Demand within the country was slowing, helping to reduce inflation, it said.
Inflation in Türkiye surged in recent years due to declining foreign reserves and President Recep Tayyip Erdogan’s unconventional economic policy of lowering rates as a way to tame inflation — which he later abandoned.
Inflation stood at 47% in November, after having peaked at 85% in late 2022, although independent economists say the real rate is much higher than the official figures.

Most economists argue that higher interest rates help control inflation, but the Turkish leader had fired central bank governors for failing to fall in line with his previous rate-cutting policies.

Following a return to more conventional policies under a new economic team, the central bank raised interest rates from 8.5% to 50% between May 2023 and March 2024. The bank had kept rates steady at 50% until Thursday's rate cut.
The high inflation has left many households struggling to afford basic goods, such as food and housing.