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South Sudan secures USD 500 mln financing from Afreximbank

Tuesday 16 April 2019 10:36 CET | News

South Sudan has received a USD 500 million financing facility from African Export-Import Bank (Afreximbank), to fund power transmission, infrastructure and farming projects.

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.

Cairo-based Afreximbank had assets of USD 12.46 billion in 2017, of which USD 10.84 billion is in loans. It is owned by a range of shareholders including SA, which became the 47th African government to join in 2017, as well as central banks.

The bank has provided another USD 200 million in financing to South Sudan in the previous two years, according to bank representatives.


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Keywords: South Sudan, banking, financing, Afreximbank, Africa
Categories:
Countries: World