"In total it was a US$105 million deal, US$73.5 million paid by Aref," said the finance ministry spokeswoman.
She said Aref had promised to rehabilitate ports along the river, cut freight unloading costs and slash the amount of time it took to transport goods across Sudan.
"At the moment, it takes 21 days to carry goods from Kosti in the north to Juba or Malakal in the south. They say they will reduce that journey to seven days in two years’ time.
"The whole deal is part on an ongoing deal to privatise all of Sudan’s transport network including air, rail as well as river."
Last month South Sudan President Salva Kiir opened a river port at Juba, with a US$2 million crane paid for by the Japanese government. But traders told Reuters much more still needed to be done to cuts port fees and build up unloading facilities.
The new company will have seven board members, five appointed by Aref, two by the government.
Aref made 70 percent of its payment in cash and the rest in kind.
Source: Reuters
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