Home | News    Wednesday 10 August 2016

South Sudan seeks nearly $2 billion loan from China

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August 9, 2016 (JUBA) - South Sudanese government said Tuesday it is seeking nearly $2 billion United States dollars new loans from China to carry out various projects and proposes to set up a joint venture with Chinese companies to develop key infrastructures in the country.

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U.S. Dollar bill

South Sudan foreign affairs and international cooperation minister Deng Alor Kuol said on Tuesday that he had met key officials of the China Development Bank and the Export and Import Bank of China in Beijing during his recent visit.

Kuol described the talks with Chinese authorities and companies with funds to help implement the identified projects should Chinese government approve the request as fruitful and cordial.

He added that the government had sought financial co-operation to implement several projects in the pipeline.

“They are prepared to support us,” said Kuol when asked whether any fresh loan arrangement was sought. “We have outlined the projects and have requested China’s support on funding.”

The minister, however, clarified that nothing had been finalized yet and they had a priority list in this regard. The top foreign official said some companies have expressed interest to invest in the proposed Economic Zone and that joint ventures had been proposed between the two sides to work out how they could expedite the process.

He said the Chinese side was expected to submit their proposals for development of key infrastructures with Chinese investors having a say in its operation.

He revealed the government had requested $1.9 billion from the Chinese government to develop oil fields and infrastructure projects. Part of the funds could be used to reopen key oil fields in Unity state that has been shut down since a civil war began in December 2013.

$700 million would be used to rebuild a road between Juba, the capital, and Wau, which saw heavy fighting last month.

The request comes as the country has an economic crisis and is struggling to pay civil servants. The government said this week that the inflation rate in the country has reached 600 percent for the past one year.

South Sudan inherited China investment oil exploration at independence from Sudan in 2011.

The fledgling nation economy has been under stress following fall in global oil price and the ongoing war pitting President Salva Kiir against Riek Machar’s armed SPLM-IO that led to closure of oilfields in Unity and Upper Nile states.

(ST)

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  • 10 August 2016 02:21, by jur_likang_a_ likan’g

    The government in Juba do not deserve this. Until the war comes to a complete halt and a system which is acceptable by the citizens is in power then it is worth considering the demand of those in power. Do not let the corrupt get hold on this money. They do not understand the suffering of South Sudanese.

    repondre message

    • 10 August 2016 04:32, by Force 1

      Ya Jur’

      What you’re capable of doing is write nonsense online; but what the government is doing; you don’t have any control over it. South Sudan have massive oil assets that $ 2 billion is nothing; China is going to lend it them easily. If you have any control over the government decision to borrow that money; then you’re free to go and stop them but I doubt it that you can.

      repondre message

      • 10 August 2016 05:17, by Akook

        The day Juba is given, South Sudan will engulf in war all over. They are now crippled by lack of funds to execute more wars and worried about the uncertainty that will come with the absence of war.

        China must sponsoring our death as they have done all these years supporting Khartoum to killed us through our oil.

        China please stop it until we have permanent peace to qualify for your loan!!!!!!

        repondre message

      • 10 August 2016 07:19, by jur_likang_a_ likan’g

        Force 1

        If the voice of victims of this war can be listened to then what i have jotted is not no sense. What have you done to the population of this country since when you stole people’s power? Depleting the treasury of resources that is supposed to develop the country is what you know best. No money should go to prop up a brutal regime that does not care for citizens.

        repondre message

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