U.A.E. INJECTS 400 MILLION DOLLARS INTO SUDAN CENTRAL BANK

DUBAI, United Arab Emirates, The United Arab Emirates' (UAE's) Abu Dhabi Fund for Development (ADFD), said 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 socioeconomic 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 Oct, 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 neighbouring countries, like Libya.

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

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

Source: NAM NEWS NETWORK

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