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UAE to deposit $250m into Sudan central bank

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

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

Speaking on the occasion, Al Suwaidi said the choice to deposit $250 million into CBOS aligns with the UAE leadership under the directives of the President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, and His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to support Sudanese people and economy, along with help attain 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.

To date, ADFD has financed seventeen development projects in Sudan with a total worth of approximately Dh2 billion, spanning crucial sectors, such as industry, transportation, energy, water and irrigation.

In 2017, the fund has disbursed about Dh1 .470 billion to support liquidity and foreign currency reserves at CBOS. This move has helped the Sudanese government in stimulating the economy and overcoming financial issues.

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