Abu Dhabi Fund for Development injects Dh1.47bn into Sudan
The National staff
Updated: January 23, 2017 06:07 PM
Abu Dhabi Fund for Development will deposit Dh1.47 billion with the Sudanese government to promote monetary and fiscal stability in the country, encourage investment and optimise cash flow.
Mohammed Saif Al Suwaidi, the director general of ADFD, signed an agreement to that effect with Hazim Abdegadir Ahmed Babiker, the governor and chairman of the Central Bank of Sudan.
Mr Al Suwaidi said the agreement draws on the directives of Sheikh Khalifa, President of the UAE, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, “to enhance mutual collaboration and underpin the Sudanese government’s efforts to overcome economic challenges”, reaffirming the UAE’s keenness in strengthening bilateral relations with Sudan.
“The deep-rooted affiliation between our two countries is a prime example of productive collaboration among nations,’ Mr Al Suwaidi added. “Over the past few decades, the UAE has proactively supported the long-term socio-economic development efforts of the Sudanese government.”
Mr Babiker expressed his deepest appreciation, thanking ADFD, and commended the UAE Government on its assistance in overcoming financial and economic challenges in Sudan.
Since 1976, ADFD has continued to drive sustainable development activities in Sudan across key sectors, most notably energy, transport, water and agriculture.
ADFD is a national organisation owned by the Abu Dhabi Government. It was established in 1971 to help emerging countries achieve sustainable development by offering concessionary loans to finance development projects in these countries, adding to other long-term investments and direct contributions. Additionally, the fund manages government grants offered by the UAE by overseeing and directly following the course of projects. The fund has financed 488 projects in 83 countries.