KHARTOUM, Jan. 6 (Xinhua) -- Sudan's Ministry of Finance and the U.S. Department of the Treasury on Wednesday signed a Memorandum of Understanding (MoU) to provide financing facilities to clear Sudan's arrears to the World Bank (WB).

Sudan's Finance Minister Hiba Mohamed Ali signed for Sudan, while U.S. Treasury Secretary Steven Mnuchin, who arrived in Khartoum on Wednesday, signed for the U.S, said Sudan's finance ministry in a statement.

"The MoU will enable Sudan to make access to over 1 billion U.S. dollars in annual financing from the World Bank for the first time in 27 years," according to the statement.

It added that restoring access to financing from international financial institutions is an achievement for the transitional government and an important step on the country's path towards writing off Sudan's debts and benefiting from the International Development Association (IDA) grants to finance major infrastructure projects and other development projects throughout Sudan. Enditem