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Afreximbank goes after South Sudan government over nearly $300 million unpaid loan

Juba, South Sudan,

June 13, 2021 – The African Export-Import Bank (Afreximbank) is going after the government of South Sudan to claim a nearly $300 million unpaid loan given to Africa’s youngest nation to weather the dreadful impact of the coronavirus pandemic.

Afreximbank goes after government over nearly $300 million unpaid loan
Afreximbank President Prof. Benedict Oramah at the Office of President Salva Kiir Mayardit in Juba on 11/06/2021 (photo credit: Supplied/Nyamilepedia)

On Saturday 12, June 2021, the Afreximbank delegation to Juba led by President Prof. Benedict Oramah, left the South Sudanese capital Juba after a two-day visit. The delegation met President Salva Kiir and his team to chart a way forward on the clearance of the loan.

In August 2020, the Pan-African multilateral financial institution extended a $250 million worth of loan to South Sudan to help fund its COVID-19 response plan, including improving agriculture and food security.

South Sudan, cash-strapped and unable to pay civil servants, is considering paying Afreximbank with crude oil in a batter trade-like deal according to a statement seen by Nyamilepedia.

“The discussion focused on the repayment of loans received by South Sudan from Afreximbank, and ways to consistently deliver crude cargoes designated for loan repayment, and South Sudan’s current and future financial needs,” says the statement posted on the official Facebook page of the office of the president.

The Office of the President says delegations from the two sides also discussed ways they can deepen business relations.

Prof. Oramah also toured Rak Media Group, a foreign-owned printing, and design company said to be registered in the name of President Kiir’s nephew. The reasons for his visit to the company were not disclosed.

Prior to his departure, meanwhile, Oramah revealed the bank’s plans to explore the investment opportunities in South Sudan, especially in the sector of infrastructure.

“There are many things to be done here (in South Sudan). So, by supporting infrastructure development we are going to be able to attract direct rapid foreign investment,” he said.

“We understand that there is a need for a big infrastructure program here, we haven’t been part of it yet. So, we want to revamp them. But this is a big country and we have no worry even though one billion dollars, we are not going to shake our responsibility if it needs that worth of package,” Oramah added.

 

 

 

 

 

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