Abu Dhabi Fund for Development announces plan to secure increased liquidity and strengthen the financial position of the African country
Abu Dhabi Fund for Development (ADFD), the national entity for international development aid, 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 the African country.
The deposit falls within the framework of the newly announced $3 billion UAE-Saudi Arabia joint aid package for Sudan that has committed $500 million to the central baks, 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 an agreement confirming the deposit at the fund’s headquarters in Abu Dhabi.
Al Suwaidi said: “The directive to deposit $250 million into CBOS aligns with the UAE leadership’s keenness to support the Sudanese people and economy, as well as help achieve financial stability in the country.”
He added: “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.”
Hassan said 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 ($540 million), spanning sectors such as industry, transportation, energy, water and irrigation.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.