Sudan to receive $500 million deposit from UAE

Sudan’s central bank governor, Hazem Ahmed, signed on Thursday an agreement with the Abu Dhabi Fund for Development for a $500 million deposit, Sudan’s state news agency SUNA reported.

The deposit is considered the first since the US has decided to end a 20-year economic embargo on Sudan, which has lifted the trade and financial sanctions, while keeping other sanctions tied to Sudan’s “state sponsor of terrorism” in place.

SUNA gave no more details on the deal.

Sudan’s economic problems have been building since the south seceded in 2011, taking with it three-quarters, 75 per cent, of the country’s oil output, which represents Sudan’s main source of foreign currency and government income.