South Sudan secures $500m financing facility from Afreximbank
The African Export-Import Bank's facility will fund power transmission, infrastructure and farming projects
Juba — South Sudan has received a $500m financing facility from African Export-Import Bank (Afreximbank), the continental multilateral trade finance institution, to fund power transmission, infrastructure and farming projects, it said on Monday. South Sudan, the world’s youngest country after its split from Sudan in 2011, has some of the largest reserves of crude in sub-Saharan Africa, only one-third of which have been explored so far. It is emerging from years of conflict after a peace deal in September. “We want to help South Sudan make the investments it needs to develop,” Benedict Oramah, the bank’s president, was quoted as saying in a statement issued on behalf of the government. “We are seeing a country beginning to rise from the ashes and offering opportunities to its people. Afreximbank will support those who want to go to South Sudan.” Cairo-based Afreximbank had assets of $12.46bn in 2017, of which $10.84bn is in loans. It is owned by a range of shareholders including SA,...
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