Sudan receives $1.4 bln deposit from UAE

March 14, 2018 (KHARTOUM) – Sudan has received a deposit of some 1.4 billion U.S. dollars from the United Arab Emirates (UAE), the Central Bank in Khartoum said on Tuesday.

“The leadership of the United Arab Emirates (…) announced its support for the foreign exchange reserves at the Central Bank of Sudan by depositing about 5 billion dirhams ($1.4 billion),” said the official news agency SUNA.

The agency further said that the overall UAE investments and funds in Sudan amount to 28 million dirhams and that 17 UAE companies operate in various economic sectors.

Last October, Washington removed the 20-year economic embargo on Sudan but the country remains on the list of states sponsors of terrorism, which prevents a debt relief.

The removal of sanctions has increased the circulation of funds to and from Sudan and amplified the demand of dollar in the parallel market as the Central bank has failed to provide companies and businessmen with the needed hard currency.

Since 2017, the Abu Dhabi National Oil Company (ADNOC) provided Sudan with $900 million worth of diesel.

(ST)