A BILLION-USD expected for agricultural sector
By Bullen Bala Alexander
South Sudan is set to get USD one billion loan from Global International for Trade and Development (GITD) to support and finance the agricultural sectors in the country.
The one billion loan is one of the plans that were endorsed by the economic cluster to improve food security and socio-economic development in the country.
In an interview with Juba Monitor yesterday, Rual Makuei Thiang, the Managing Director of South Sudan Agricultural Bank who is also a member of the economic cluster said that a team from GITD was expected to arrive Juba on the 18th of this month to discuss and sign the deal.
He said as the country is trying to diversify its economy, there is need to improve the economy through the agricultural sector that is why the agricultural sector has to go for loan.
“In the previous economic cluster meeting, we agreed to have the loan, and as a result, the Minister of Agriculture and Food Security with the members communicated and invited the GITD and the group accepted the invitation and they are expected to be here in Juba,” he revealed.
According to Thiang, the sectors to benefit from the 1billion USD are the Ministry of Agriculture and Food Security, Agricultural Bank of South Sudan (ABSS), Farmers Union and South Sudan Business and Employees Federation.
Mr. Thiang added that since the 2019/2020 proposed budget, the agriculture sector especially the ABSS was not given, it makes it difficult to implement the work plans of the agriculture in the country.
“The loan is to boost the idea of making agriculture as the main source of non-oil revenue generation, catering and financing developmental projects of 2020/2021 strategic plans,” Mr. Thiang added.
According to the managing director, agriculture is a backbone of the country and the main road to economic growth of any country.
He said the strategic plans of ABSS were to support the farmers and improve food security, increase and diversify agricultural exports such as cash crops and animal products.
“We also want to stimulate balanced socio-economic development and encourage stability in all the states and embark on financing production of Gum Arabic and subsequently exporting it to earn hard currency,” Thiang said.
Global International for Trade and Development is an Egyptian international business development firm that specializes in export and development of small and medium-sized enterprises [SMEs], and connecting Egypt to the rest of the world.