Sudan became the third Arab nation to normalize its diplomatic ties with Israel on Wednesday, officially becoming part of the Abraham Accords brokered by the White House.

On Wednesday, Sudanese Justice Minister Nasredeen Abdulbari signed the documents to officially make Sudan a member of the Abraham Accords as it normalizes its diplomatic ties with the Jewish State. This makes Sudan the third Arab nation to officially join the Accords after Bahrain and the United Arab Emirates (UAE) with Morocco to soon follow.

US Treasury Secretary Steven Mnuchin was present at the time of the signing, as the White House has paved the way for the Accords to become a reality. Mnuchin is reported to have stated, “This is a very, very significant agreement. … It would have a tremendous impact on the people of Israel and the people of Sudan as they continue to work together on cultural and economic opportunities and trade.”

One financial incentive was revealed in a statement from the office of Sudan’s Acting Minister of Finance, which read, “This move will enable Sudan to regain access to over $1 billion in annual financing from the World Bank for the first time in 27 years.”

Additionally, the US embassy in Khartoum stated that the agreement will “help further Sudan on its transformative path to stability, security, and economic opportunity.”

Sudan actually agreed to normalize its ties with Israel in October of 2020 but waited until it was removed from the US list of state sponsors of terror, which was agreed upon in the negotiation process in addition to other incentives. The US agreed to remove them from this list pending they pay $335 million into a fund for US terror victims and their families.