Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has announced its plan to deposit $250 million into the Central Bank of Sudan (CBOS) to help secure increased liquidity and strengthen the financial position of the North African country.

This comes as per the directives of the UAE President Sheikh Khalifa bin Zayed Al Nahyan and Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces, said a statement from ADFD.

The deposit falls within the framework of the newly announced $3 billion UAE-Saudi Arabia joint aid package for Sudan that has committed $500 million to CBOS, evenly split between the two countries, it added.

“The directive to deposit $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. ADFD and the Government of Sudan have enjoyed strong and long-standing ties dating back to 1976,” said Mohammed Saif Al Suwaidi, the director general of ADFD, after signing the deal with Amna Mirgani Hassan, general manager of the Capital Markets Department of CBOS at the ADFD headquarters in Abu Dhabi.

The Fund’s development projects have significantly contributed to improving socio-economic conditions and driving sustainable growth, he added.

To date, ADFD has financed 17 development projects in Sudan with a total value of Dh2 billion ($544.5 million), spanning crucial sectors, such as industry, transportation, energy, water and irrigation, said teh statement.

Moreover, in 2017 the fund had disbursed about Dh1.47 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, it added.-TradeArabia News Service