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Economy

Abu Dhabi fund deposits $250 million into Central Bank of Sudan

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The deposit was part of $3 billion (AED11 billion) UAE-Saudi Arabia joint aid package for Sudan.

Monday 29, April 2019 BY KUDAKWASHE MUZORIWA

Abu Dhabi Fund for Development (ADFD) said that it plans to deposit $250 million into the Central Bank of Sudan (CBOS) to secure increased liquidity and strengthen the financial position of Sudan, according to local newswire, WAM.

Mohammed Saif Al Suwaidi, the Director General of ADFD, said, “The fund’s development projects have significantly contributed to improving socio-economic conditions and driving sustainable growth of Sudan.”

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.

The deposit aims to promote monetary and fiscal stability in the country, and ease financial pressure, added Amna Mirgani Hassan, the General Manager of the Capital Markets Department of CBOS.

TAGS : ADFD, Sudan , former President Omar Al-Bashir, UAE-Saudi Arabia joint aid

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