UAE fund grants $100m loan for Sudan’s balance of payment
September 5, 2008 (ABU DHABI) — Sudanese government signed Thursday with the Abu Dhabi Fund for Development (ADFD) a hundred million dollars loan agreement to support Sudan’s balance of payment.
The state-owned ADFD is established by the oil rich United Arab Emirates in 1971 to provide assistance to developing countries in form of loans or grants to finance projects that boost development and improvement of new sectors and infrastructure.
The visiting Sudanese minister of Finance and National Economy Awad Al-Jaz, inked the agreement on behalf of the Government of Sudan while the ADFA director general, Mohamed Saif Al-Suwaidi represented the fund.
Minister Al-Jaz praised the close relations that bind Sudan the UAE and the significant role played by the Abu Dhabi Fund for Development in the development process in the country through its contribution to finance several vital projects in Sudan.
Al Suwaidi stressed significance of the UAE leadership’s instructions in supporting development projects in Sudan and to consolidate the relations between the two peoples. He pointed out that the loan aims to improve the Sudanese economy through the support of its balance of payments
The two sides also inked Memorandum of Understanding on preparing feasibility study on constructing Khartoum- Port Sudan road as per world-class standard to facilitate traffic in those areas.
The Abu Dhabi Fund for Development has financed a number of projects worth over one billion UAE Dirham .
(ST)