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Publish Date : 19-Apr-2017

The African Development Bank (AfDB) has offered over U.S. $30 million in support of South Sudans membership in the African trade, insurance and development body and also to bolster power distribution networks.

AfDB sanctioned a supplementary loan of $14.57 million to restore and expand the power distribution networks in the South Sudanese capital Juba.

The bank also sanctioned U.S. $18.15 million to Juba to help with needed resources to support its membership in the African Trade Insurance (ATI) and Trade and Development Bank (TDB).

TDBs key mandate includes funding and promoting trade, socio-economic development and regional economic integration across a broad range of products and services, across both the private and public sectors, including debt, equity and quasi-equity as well as guarantees.

The ATI offeres medium to long term credit and political risk insurance, as well as other risk mitigation products to its member states and related public and private sector players.

AfDB said the facility is a key step and a prerequisite for the respective institutions to start operating within South Sudan.

It said the funding is geared towards building institutions and enhancing resilience and livelihoods for the people of South Sudan by addressing not only the humanitarian crisis and strengthening institutional capacity but also easing private sector investments in a fragile environment.

The bank added, 'It is anticipated that joining the TDB and ATI will help South Sudan leverage the limited resources available to the country by mobilizing additional significant resources that can be invested in the importation of essential goods (such as medicines, foodstuff, communication equipment, spare parts among others), the rehabilitation of basic infrastructure and the strengthening of the productive sector of the country.'

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