Cairo-based Pan-African financial institution Afreximbank has announced a USD 500 Mn investment in South Sudan.
Afreximbank has made known that the funds will be channeled to fund power transmission, infrastructure and agricultural projects in the East African country. It will boost companies that want to invest in South Sudan on projects identified by the government.
The fund was released during the first leg of a South Sudan investment roadshow in Washington, United States.
President Afreximbank 2 Benedict Oramah said that this new facility was different from the USD 200 Mn facility disbursed previously for agricultural, oil and infrastructure projects.
“We want to help South Sudan make the investments it needs to develop. 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,” he stated.
Melissa Cook, managing director of African Sunrise Partners reiterated on the need to invest in the future of South Sudan. “It is not the easiest place to go into, but worth it. My banking clients are seeing demand for credit on the rise. Companies have more confidence in their future and are starting to borrow more. They are seeing improvements on the ground.”
South Sudan’s minister of foreign affairs and international co-operation, Nhial Deng Nhial was keen to mention that South Sudan is at peace adding that it is open for business.
“The government of South Sudan is a strong believer in the power of private enterprise to spur economic growth and deliver socio-economic development. This (Roadshow) is a golden opportunity to entice some of you to take a closer look at the investment opportunities available in South Sudan. To come take a look at what will be Africa’s newest success story,” he stated.
South Sudan is on an economic recovery following a civil war that cast it into five years of bloody upheaval. Oil played a key part in the conflict that uprooted 4 million people and may have led to the deaths of 400,000 people since it started in December 2013. The government of South Sudan is now betting on oil technology and power infrastructure to revive its economy.
Featured Image Courtesy: Middle East Monitor