Abu Dhabi Fund To Deposit $250m Into Sudan’s Central Bank
By Arab News
The Abu Dhabi Fund for Development (ADFD) is to deposit $250 million into Sudan’s central bank as part of a previously-announced grant.
The move aims to secure increased liquidity and strengthen the financial position of Sudan, the UAE state news agency WAM said on Sunday, following the toppling of President Omar Al-Bashir.
Mohammed Saif Al-Suwaidi, director-general of the state-funded ADFD, said the UAE aims to support the Sudanese people and economy.
“ADFD and the government of Sudan have enjoyed strong and longstanding ties dating back to 1976. The fund’s development projects have significantly contributed to improving socio-economic conditions and driving sustainable growth,” he said.
The deposit is part of a $3 billion grant to Sudan announced by Saudi Arabia and the UAE earlier this month.
The grant includes a $500 million deposit into Sudan’s central bank, evenly split between the two countries.
The rest will be in the form of food, medicine and petroleum products.
Sudan’s economic crisis triggered mass protests that led to the ouster of former President Omar Al-Bashir earlier this month. The country of 40 million has been suffering from rapid inflation and shortages of cash, fuel and other basic products. A transitional military council took over from Bashir. Demonstrations have continued as protesters call for a rapid handover of power to civilians.
In recent years Sudan has been hit by an acute lack of dollars, a key factor behind the nationwide protests that led to the toppling of Al-Bashir by the army earlier this month.
Saudi Arabia and the UAE called for “stability” and a “peaceful transition” in the days following the removal of Al-Bashir.
To date, ADFD has financed 17 development projects in Sudan with a total value of approximately 2 billion dirhams ($545 million), WAM reported.
In 2017, the fund granted almost 1.5 billion dirhams to support liquidity and foreign currency reserves at Sudan’s central bank.
