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ADFD to deposit US$250 million into Central Bank of Sudan

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April 28, 2019 (KHARTOUM) - The United Arab Emirates and Sudan signed an agreement to inject $250 million in Sudan’s central bank as part of a previously-announced $3 billion grant by the United Arab Emirates and Saudi Arabia.

Sudan’s Central Bank (Reuters photo)

On 21 April, Saudi Arabia and UAE announced a joint $3 billion worth of aid, throwing a lifeline to Sudan after the fall of President Omer al-Bashir after four-month protests against his regime.

The agreement which was announced by the official news agency WAM, was signed by Mohammed Saif Al Suwaidi, ADFD Director-General, and Amna Mirhgani Hassan, General Manager of CBoS Capital Markets Department, at the fund’s headquarters in Abu Dhabi on Sunday.

The two Gulf Arab countries will deposit $500 million with the Central Bank of Sudan and send the rest in the form of petroleum products, food, and medicine.

Speaking at the signing ceremony, said the grant was decided by the UAE leadership "to support Sudanese people and economy, as well as help achieve financial stability in the country".

In 2017, the fund has disbursed about AED1.470 billion to support liquidity and foreign currency reserves at CBOS.

This is the first important financial support from Saudi Arabia and UAE to Sudan in several years as the two countries did not want to support the Islamist regime in Khartoum despite the decision of President al-Bashir to dispatch troops to participate in the Saudi-led coalition in Yemen.

(ST)

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