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Mon 23 Jan 2017 05:34 PM

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Abu Dhabi fund deposits $400m to aid Sudanese economy

Abu Dhabi Fund for Development's move aims to secure increased liquidity and stimulate economic growth

Abu Dhabi fund deposits $400m to aid Sudanese economy
A general view of the Sudanese capital of Khartoum. (AFP/Getty Images)

Abu Dhabi Fund for Development (ADFD) has deposited AED1.47 billion ($400 million) into the Central Bank of Sudan, it was reported on Monday.

State news agency WAM said the move aims to secure increased liquidity and stimulate economic growth in Sudan, adding that an agreement has been signed by Mohammed Saif Al Suwaidi, director-general of ADFD, and Hazim Abdegadir Ahmed Babiker, Governor and chairman of Sudan's Central Bank.

Al Suwaidi said the agreement aims to enhance mutual collaboration and underpin the Sudanese government’s efforts to overcome economic challenges.

"The deep-rooted affiliation between our two countries is a prime example of productive collaboration among nations. Over the past few decades, the UAE has proactively supported the long-term socio-economic development efforts of the Sudanese government," he added.

Babiker expressed his deepest appreciation to the UAE, commending its government.

Since 1976, ADFD said it has continued to drive sustainable development activities in Sudan across key sectors, most notably energy, transport, water and agriculture.

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