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UAE injects 400 mln dollars into Sudan central bank

Xinhua, January 23, 2017 Adjust font size:

The United Arab Emirates (UAE) Abu Dhabi Fund for Development (ADFD) said on Monday in a statement it deposited 1.47 billion dirham (400.54 million U.S. dollars) into the Central Bank of Sudan (CBOS) "to secure increased liquidity and stimulate economic growth in Sudan."

Mohammed Saif Al Suwaidi, Director General of ADFD, signed an agreement on the capital injection with Hazim Abdegadir Ahmed Babiker, Governor of the CBOS.

Al-Suwaidi said the agreement will "enhance mutual collaboration and underpin the Sudanese government's efforts to overcome economic challenges."

"Over the past few decades, the UAE has proactively supported the long-term socio-economic development efforts of the Sudanese government," he added.

Hazim Babiker expressed his "deepest appreciation" for the UAE's leadership, commending the UAE government on its "invaluable assistance in overcoming Sudan's financial and economic challenges."

In October 2016, the International Monetary Fund (IMF) said that Sudan's GDP growth fell last year to 3.1 percent, down from 4.9 percent in 2015, mainly due to the oil price slump and political turmoil in neighboring countries like Libya.

The IMF expects the GDP growth to pick up slightly to 3.5 percent in 2017 in Sudan.

The ADFD, owned by the Abu Dhabi government and established in 1971, has so far financed 488 projects in 83 countries. Endit