The French President announced that his country would write off all debts owed by the Sudan.

French President Emmanuel Macron said that his country had decided to cancel Sudan's debt of $5 billion, confirming that the World Bank would formally announce that decision next month.

The events of the Paris Investment Conference in the Sudan were launched in the French capital, Paris, on Monday, amid widespread international interest and hopes that the Conference will help to break the Sudan out of its dire economic crisis.

Macron said that with regard to France: "We support the complete cancellation of Sudan's debt to us" amounting to "some $5 billion."

The President of France, opening Monday, said that "the current phase is very important in the Sudan and the international community is ready to assist."

For its part, Germany, on Monday, announced millions of euros in debt relief for the remaining Sudan.

According to a letter from the German Foreign Ministry, German Foreign Minister Heiko Maas said that the Federal Republic of Germany would write off 360 million euros of bilateral debt with the African State.

In addition, Berlin will provide up to 90 million euros to help the Sudan settle its debt arrears with the International Monetary Fund.

In addition to debt cancellation, the Conference is also expected to attract capital and foreign direct investment to the Sudan.

The Sudanese Government, in cooperation with France - the host country - began preparing for the conference more than 4 months ago by focusing on identifying the opportunities and resources of the Sudanese economy by offering more than 18 vital projects in the agriculture, energy, transport, infrastructure and small and medium-sized enterprises sectors.