ADFD to Deposit US$250 Million into Central Bank of Sudan
Abu Dhbai,29 Apr 2019
Under the directives of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, announced its plan to deposit US$250 million into the Central Bank of Sudan (CBOS) to secure increased liquidity and strengthen the financial position of Sudan.
The deposit falls within the framework of the newly announced US$3 billion (AED11 billion) UAE-Saudi Arabia joint aid package for Sudan that has committed US$500 million to CBOS, evenly split between the two countries.
His Excellency 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.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi said: “The directive to deposit US$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.”
For her part, Amna Mirgani 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. Moreover, in 2017 the Fund has disbursed about AED1,470 billion to support liquidity and foreign currency reserves at CBOS. This move has assisted the Sudanese government in stimulating the economy and overcoming financial challenges.
Since its inception in 1971, ADFD has funded thousands of development projects worth approximately AED83 billion in 88 countries. Mandated to implement the Abu Dhabi government’s development programme policies, the Fund provides concessionary loans, manages Abu Dhabi government grants and injects direct long-term investments with the aim of driving economic growth in beneficiary countries.