January 23, 2017 (KHARTOUM) -The United Arab Emirates has agreed to provide the Central Bank of Sudan (CBoS) with a $400 million deposit, announced the Abu Dhabi Fund for Development (ADFD) on Monday.
In a statement released on its website the ADFD said the deposit of AED1.47 billion aims to "secure increased liquidity and stimulate economic growth in Sudan"
The agreement was signed by ADFD Director General Mohammed Saif Al Suwaidi and CBoS Governor Hazim Abdel-Gadir Ahmed Babiker.
Speaking at the signing ceremony Al-Suwaidi said UAE President Khalifa bin Zayed Al Nahyan directed to offer this deposit "to enhance mutual collaboration and underpin the Sudanese government’s efforts to overcome economic challenges."
For his part, Babiker expressed his deepest appreciation for the UAE’s wise leadership and praised the people of the UAE for their unwavering support to the Sudanese.
The statement didn’t indicate the duration of the deposit.
President Omer al-Bashir paid several visits to Abu Dhabi since last year, following Khartoum’s decision to shift away from Teheran, in a bid to improve bilateral relations with oil rich country.
The Emirati deposit comes alongside Qatari and Saudi efforts to support the Sudanese economy hit by the American sanctions during the nearly past 20 years.