Gov’t signs loan worth USD 48m

The delegation led by the Minister of Finance and Planning has finally signed both grant and loan agreements with African Development Bank (AfDB) worth USD 48million during the recent AfDB annual summit in Ahmedabad, Gujarat – India,

The Minister of Finance and Planning Stephen Dhieu Dau and head of government delegation to AfDB annual meeting, said the grant agreement signed with AfDB was for USD 23million meanwhile the loan agreement was USD 25million totaling to USD 48 million.

He said the first Protocol of the grant agreement was to finance subscription to Trade and Development Bank (TDB) to enable South Sudan subscribe for membership to Trade Development Bank (TDB).

He said with this membership, South Sudan will be in a position to access concessional loans for trade financing and projects funding, “the grant was also to finance non-oil revenue mobilization and accountability to enable sustainable and improved economic growth, institutional and operational effectiveness within the Ministry of Finance and Planning.”

“The USD 25M loan agreement is meant for subscription in equity share holding of the African Trade Insurance Agency (ATI) and the Eastern Southern African Trade and Development Bank (TDB) for the Republic of South Sudan membership program.

The finance minister said the loan agreement will help in financing non-oil revenue mobilization and accountability in the country and support Juba Power Distribution System rehabilitation and expansion project.                    

Dau said his team also held several meetings with development partners including the Crown Agents partnership Manager Mr. Duncan Hart.

He said in their discussion Mr. Duncan Hart the manager of Crown Agents partnership, they and we requested Crown Agents to finance digital stamp duty, communication related activities, Single Treasury account plan, Revenue Mobilization and to continue to support health sector in South Sudan.

Mr. Hart was very much willing to support South Sudan by mobilizing resources through donors for projects that South Sudan will identify as priorities, according to Dau.

Dau added that he had a meeting with the President of the Afriexim Bank on the status of South Sudan membership in the bank and the update on trade pre-financing transactions which is currently being concluded.

“The two parties agreed to establish strong partnership for development of South Sudan potentials.

In AfDB meeting had focused on the agriculture as top priority and line with both the United Nations Sustainable Development Goals (SDGs), 2030 and the African Union’s Agenda 2063, both of which focus on poverty reduction, combating hunger and food insecurity. Considering the global and continental agenda, the Bank has appropriately prioritized agricultural transformation by designating it as one of its high 5s feed Africa including energy, agriculture, Industry, Africa Integration, and improvement of the quality of the life for the people of Africa.

This is the first gathering for the African Development Bank meeting outside African Continent. These meetings were well attended by top African leaders and Presidents of Senegal, Benin, Cote, D’ Ivoire, and former President of Ghana besides the Ministers of Finance and Central Banks Governors of 54 African nations, in addition to non – regional countries and representatives of 28 other countries and organizations associated with the African development initiative .

error: Content is protected !!