Abu Dhabi signs transfer of $250m as part of Sudan aid

The Abu Dhabi Fund for Development yesterday announced yesterday that it is ready to deposit $250 million (Dh918m) in Sudan’s Central Bank as part of a support package for the country announced this month.

Yesterday’s development came just weeks after longtime leader Omar Al Bashir was removed from office after 16 weeks of protests that began in mid-December.

The money is part of a $3 billion (Dh11bn) joint aid package from the UAE and Saudi Arabia in which $500m will be deposited to ease an economic crisis in the country. The remaining $2.5bn will provide food, medicine and petroleum products, the Saudi Press Agency reported.

Mohammed Al Suwaidi, director general of ADFD, signed an agreement yesterday with Amna Mirgani Hassan of Sudanese Central Bank to confirm the deposit, according to a statement from ADFD.

“The directive to deposit $250m into the Sudanese Central Bank aligns with the UAE leadership’s keenness to support the Sudanese people and economy, as well as help achieve financial stability in the country,” Mr Al Suwaidi said after signing the document.

Ms Mirgani Hassan thanked the UAE for supporting the Sudanese people “in the difficult period ... [the country] is currently experiencing”. The deposit is aimed at shoring up the Sudanese pound, the SPA said.

In recent years, Sudan has been hit by an acute lack of dollars, a key factor behind the protests that led to the toppling of Mr Al Bashir.

When the US lifted its 20-year trade embargo on the country in October 2017, rather than ease the economic strain, it depressed the Sudanese pound and highlighted the economic failings of Mr Al Bashir’s government that, at times, spent upwards of 70 per cent of GDP on the military.

When South Sudan seceded in 2011 to become the world’s youngest country, it took with it much of Khartoum’s oil reserves.

The statement from ADFD said the agency has financed 17 development projects in Sudan worth about $500m. It has in the past provided similar cash injections to the Central Bank.

Meanwhile, in Sudan, protesters and the movement’s leaders hailed a breakthrough in talks with the ruling military council to form a new body.

A joint civilian-military council will be the overall ruling body, while a transitional civilian government is expected to be formed to run the dayto-day affairs of the country, a key demand of protesters.

Activists said the new council could be a 15-member body, with eight civilians and seven army generals.