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The UAE and Saudia Arabia announce $3 bln support for Sudan

Monday, 22 April 2019 17:11
The UAE and Saudia Arabia announce $3 bln support for Sudan

(Ecofin Agency) - In a release published on Sunday 21, April 2019, the United Arab Emirates and Saudi Arabia announced that they would provide $3 billion to Sudan.

This financial support is aimed at helping the east African country find solutions to the economic crisis it is going through.

It consists of a $500 million deposit in the Central Bank of Sudan to alleviate pressures on the Sudanese Pound. The remaining fund will be used to cover various needs for food, drugs and fuel.

Far from appeasing the social tension, the downfall of president Omar el-Béchir (deposed days ago) exacerbated the social protests demanding a civilian government. With this financial support, the two Gulf countries are trying to restore political stability in a country which has always been one of their traditional allies, in the Yemeni war notably.

Let’s note that weeks ago, two investment funds based in Abu-Dhabi announced a $300 million support to restore economic balance in Sudan.

Moutiou Adjibi Nourou

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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