Home | News    Monday 29 July 2019

AfDB helps to modernise South Sudan’s financial system


July 28, 2019 (JUBA) - The African Development Bank (AfDB) Board has approved a total of $6.6 million funding to finance South Sudan’s payment and settlement systems integration project.

JPEG - 22.4 kb

The project, AfDB said in a statement, is consistent with the institution’s updated country strategy paper which concentrates on state building through capacity and infrastructure development.

The project is reportedly also aligned with South Sudan’s National Development Strategy 2018-2021, which confirms the need to restore and maintain economic infrastructure.

“The objective of the project is to modernise the payment systems in South Sudan in order to improve the country’s financial systems and promote regional integration,” partly reads the AfDB’s statement.

It is widely expected that the project will assist South Sudan to develop and harmonise its payment systems in line with those of five member countries of the East African Community (EAC), thereby facilitating progress towards the a monetary union in the EAC and increasing trade and economic activities within the region.

The implementation of the new project will reportedly commence during the 2019/2020 financial year, and the EAC secretariat will coordinate project implementation, in close collaboration with the Central Bank of South Sudan.

“Once completed, the project will have produced a modernised payment system for South Sudan, a Central Bank with greater capacity to provide oversight, and policies and regulations to support payments and settlements,” further notes the statement.

These achievements, it added, will put South Sudan in a position to interconnect better with other East African countries to ease transfers of funds through the East African Payment System (EAPS) platform.

AfDB’s country manager for South Sudan, Benedict Kanu said the modernisation of payment systems to bolster the financial system’s performance will not only increase the formal financial sector, but also encourage regional integration.

“Moreover, the established linkages between financial inclusion and inclusive growth will benefit the people of South Sudan by assisting them to invest more in their economy”, said Kanu.

He added, “The activities of the proposed project will not only promote better governance in the financial sector, but also improve access to much-needed credit, thereby enabling businesses, especially SMEs, to expand, creating jobs and reinvigorating growth”.

Since 2012, the AfDB has reportedly contributed more than $160.55 million in development aid across various sectors for South Sudan. The financial institution’s support has focused on capacity building, and infrastructure development, with particular emphasis on creating conditions for promoting peace, stability and state building, in line with South Sudan’s and the Bank’s strategic priorities.


Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article

The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

Sudan’s Constitutional Declaration was reduced to absurdity 2019-08-13 20:31:25 By Mahmoud A. Suleiman After paying tributes to the martyrs and hoping healing for wounded and offer sincere greetings to the rebellious Sudanese people who are inevitably victorious, having (...)

Options and opportunities for SPLM-N al-Hilu to join Sudan’s transition 2019-08-13 20:06:06 By Ibrahim B. Musa Despite the initial signing of the political on July, 17th, 2019 and constitutional declaration on August 4th, 2019, as well as the previous exhausting efforts made in (...)

Can Sudan achieve peace and democratic transition? 2019-08-13 07:37:28 By Rosalind Marsden Sudan has a unique opportunity to embrace democratic transition but there is no room for complacency. Comprehensive reforms and a united democratic front will be key to (...)


Latest Press Releases

Sudanese lawyers and Human rights defenders back calls for civil rule 2019-04-26 10:22:06 Press statement by 55 Sudanese lawyers and Human rights defenders on Sudan Sit-in and Peaceful Protest Khartoum -24/04/2019 We, the undersigned (55) Sudanese lawyers and human rights defenders, (...)

South Sudan’s Lafon youth condemn killings of civilians by Pari community 2019-04-03 21:54:29 Press Statement on the Fighting between Pari/ Pacidi and Lotuko/Lokiri on 24/3/2019 Release by The Lafon County Youth Union: We, the Lafon County Youth Union hereby condemn the atrocities and (...)

Joseph Malwal Dong joined the SPLM/A -IO 2019-04-02 08:35:02 SPLM/A (IO) Press Release 1/4/2019 On Hon. Joseph Malwal Dong Joined the SPLM/A (IO) The leadership of the SPLM/A (IO) would like to seize this precious opportunity to announce to members and (...)


Copyright © 2003-2019 SudanTribune - All rights reserved.