Alsoug raises $5mln as Sudan opens up to foreign investments after 30 years

Alsoug, which was founded in 2016, provides a digital marketplace for people in Sudan

  
Image used for illustrative purpose. Traders work during the opening of the new electronic trading Khartoum Stock Exchange in Khartoum January 8, 2012.

Image used for illustrative purpose. Traders work during the opening of the new electronic trading Khartoum Stock Exchange in Khartoum January 8, 2012.

REUTERS/ Mohamed Nureldin Abdallah
 
DUBAI: Sudanese digital marketplace Alsoug has secured $5 million in its latest funding round, which it said marks the first international venture capital technology investment since the 30-year sanctions were lifted.

The funds will be used “to establish a national payments network enabling quick and safe transactions” in Sudan, the company said in a statement.

Alsoug, which was founded in 2016, provides a digital marketplace for people in Sudan, where they can buy and sell goods and services, as well as listings.

The investment marks a significant development in the African country’s economy, following three decades of international isolation.

“We welcome foreign investment into promising Sudanese businesses, a key part of our economic plan to drive growth in the financial, technology, agriculture, mining, and infrastructure sectors,” Magdi Amin, senior advisor to Sudan’s minister of finance, said.

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