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South Sudan to mortgage crude oil for loan repayments

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June 13, 2021 (JUBA) - South Sudan says it is committed to repay the loan it received from the African Export-Import Bank (Afreximbank) last year.

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An oil polluted water section in South Sudan (Credit: Sign for Hope)

This was revealed during a meeting between South Sudan’s President Salva Kiir and a delegation from Afreximbank led by its President Prof. Benedict Oramah in Juba on Friday.

The office of the President, in a statement said, Kiir and Oramah discussed how to deepen the existing relations between South Sudan and the pan-African multilateral financial institution.

“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,” further noted the statement.

Kiir expressed his gratitude to the Afreximbank delegation, assuring them of the East African nation’s commitment to the continued long-term bilateral cooperation with the financial institution.

In August last year, South Sudan said it is seeking a $250 million loan from the African Export-Import Bank to implement a long-delayed peace deal, fight COVID-19 and support food security.

Established in 1993 by African governments, African private and institutional investors, and non-African investors, Afrieximbank is devoted to financing and promoting intra- and extra-African trade.

(ST)

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