January 9, 2013 / 9:37 AM / 5 years ago

Sudan gets $1.5 billion loan from a Chinese bank - finance minister

Sudan's Finance Minister Ali Mahmoud speaks during a news conference in Khartoum June 14, 2011.Mohamed Nureldin Abdallah

ABU DHABI (Reuters) - Sudan has secured a $1.5 billion (933.4 million pounds) loan from a Chinese bank that was guaranteed by state oil firm China National Petroleum Corp (CNPC), Sudan's finance minister said on Wednesday.

The aid throws a lifeline to the African country struggling with an economic crisis.

"The $1.5 billion loan will be used to bridge the fiscal gap and enhance our balance of payments," Ali Mahmoud told Reuters, adding the loan was granted on Dec 31. He declined to name the bank.

Reporting by Stanley Carvalho; Editing by Ulf Laessing and Susan Fenton

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