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Wednesday, 19 April 2017

AfDB gives South Sudan over US$30 million to support trade, electricity

The African Development Bank (AfDB) has provided over 30 million U.S dollars to support South Sudan’s membership in the African trade, insurance and development body and also strengthen electricity distribution networks. AfDB said in a statement on Thursday evening it has approved 18.15 million U.S. dollars to Juba to help with required resources to support its membership in the African Trade Insurance (ATI) and Trade and Development Bank (TDB). AfDB also approved a supplementary loan of 14.57 million dollars to rehabilitate and expand the electricity distribution networks in the South Sudanese capital Juba. TDB’s major mandate includes financing and fostering 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 provides medium to long term credit and political risk insurance, as well as other risk mitigation products to its member countries and related public and private sector actors. AfDB said the facility is a critical step and a prerequisite for the respective institutions to commence their operations within South Sudan. It added that the funding is geared towards building institutions and improving resilience and livelihoods for the South Sudan population by addressing not only the humanitarian crisis and strengthening institutional capacity but also facilitating private sector investments in a fragile environment. “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,” AfDB said. Regarding the 14.57-million-dollar supplementary loan, the bank said the power distribution system rehabilitation and expansion would strengthen the distribution networks in Juba to provide reliable electricity supply from existing and future generation facilities and also satisfy the suppressed load and demand growth in the city. The project consists of the construction of 145 km of 33 kV lines and another 370 km of 415/230 volt lines.

Source: NewsGhana