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Abu Dhabi development fund deposits USD 250 mln into Sudan’s central bank

ABU DHABI, Abu Dhabi Development Fund (ADFD) announced Sunday plans to deposit USD 250 million into the Central Bank of Sudan (CBOS) to secure increased what it described liquidity and strengthen the financial position of Sudan.

In a statement quoted by UAE news agency (WAM), the deposit falls within the framework of the newly announced USD three billion UAE-Saudi Arabia joint aid package for Sudan that has committed USD 500 million to CBOS, evenly split between the two countries.

Mohammad Al-Suwaidi, Director-General of Abu Dhabi Development fund, and Amna Hassan, General Manager of the Capital Markets Department of the Central Bank of Sudan, signed the agreement confirming the deposit.

Speaking on the occasion, Al-Suwaidi said that the directive to deposit USD 250 million into CBOS aligns with the UAE leadership under the directives of the President Sheikh Khalifa bin Zayed Al-Nahyan, and Sheikh Mohammad 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,” Al-Suwaidi 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 AED2 billion, spanning crucial sectors, such as industry, transportation, energy, water and irrigation.

In 2017, the fund has disbursed around AED 1.470 billion to support liquidity and foreign currency reserves at CBOS.

This move helped the Sudanese government in stimulating the economy and overcoming financial challenges.

Source: Kuwait News Agency