UAE to deposit $250m in Sudan's central bank

Abu Dhabi Fund for Development, ADFD, has announced its plan to deposit $250 million into the Central Bank of Sudan (CBOS), to secure increased liquidity and strengthen the financial position of Sudan.

The deposit falls within the framework of the newly announced $3 billion (Dhs11 billion) UAE-Saudi Arabia joint aid package for Sudan that has committed $500 million to CBOS, evenly split between the two countries.

Mohammed Saif Al Suwaidi, Director-General of ADFD, and Amna Mirgani Hassan, General Manager of the Capital Markets Department of CBOS, signed the agreement confirming the deposit, at the fund’s headquarters in Abu Dhabi.

Speaking on the occasion, Al Suwaidi said that the directive to deposit $250 million into CBOS aligns with the UAE leadership under the directives of the President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to support Sudanese people and economy, as well as help achieve financial stability in the country.

"ADFD and the Government of Sudan have enjoyed strong and long-standing ties dating back to 1976. The fund’s development projects have significantly contributed to improving socio-economic conditions and driving sustainable growth," he added.

For her part, Hassan extended her appreciation to the UAE’s wise leadership and commended the people of the country for their unwavering support in the difficult period Sudan is currently experiencing.

She noted that the deposit aims to promote monetary and fiscal stability in the country, and ease financial pressure.

To date, ADFD has financed 17 development projects in Sudan with a total value of approximately Dhs2 billion, spanning crucial sectors, such as industry, transportation, energy, water and irrigation.

In 2017, the fund has disbursed about DhsD1.470 billion to support liquidity and foreign currency reserves at CBOS. This move has assisted the Sudanese government in stimulating the economy and overcoming financial challenges.

WAM