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
AI-backed agri-fintech is increasingly being used to pilot new rural credit models in Africa, where ...
Fruitful partners with Elsewedy unit to launch processing project in Egypt New facility wil...
Investment bank BCID-AES established in Bamako Bank aims to fund infrastructure, agricultur...
This week’s health update shows Africa edging closer to the end of the mpox public health emergency,...
Standard Bank extended a USD 138 million facility to STEP, acting as sole arranger and advisor to ...
Genmin completed an equity placement of A$25.7 million ($16.9 million) to advance the Baniaka iron ore project toward a final investment...
Cameroon microfinance institutions earned CFA5.24 billion in net profit in 2024. Net profit rose 54.5% year on year, according to Cobac. Cameroon...
Africa accounted for about 3.3 million bales of Bangladesh cotton imports Bangladesh imported 8.05 million bales, up 6.2% year on year Benin,...
ReconAfrica plans production tests on PEL 73 in the first quarter of 2026 Tests follow hydrocarbon shows identified at the Kavango West-1X...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...
Palm Hills Developments signs agreement with Marriott International to introduce the St. Regis brand in West Cairo. Project to include a luxury...