South Sudan signs cooperation pact with AfDB

Posted: September 27, 2011 by PaanLuel Wël Media Ltd. in Junub Sudan

The African Development Bank (AfDB) has signed an agreement with the South Sudanese government to enable the bank to extend financial support to the world’s newest state, the AfDB said in a statement on Monday.

AfDB President Donald Kaberuka and South Sudanese Finance Minister Kosti Manibe Ngai, signed the general cooperation agreement in Washington, on the sidelines of the International Monetary Fund/World Bank annual meeting.

The agreement allows the AfDB to begin offering financial and technical aid to the South Sudanese government, pending its full membership of the AfDB.

The Bank President said the board of governors had endorsed the cooperation agreement with South Sudan, which would enable the bank to boost its presence in South Sudan, which clocked two months old on 9 September, 2011.

South Sudan welcomed the endorsement of the country’s national development plan and welcomed the pledged financial assistance ahead of the country’s full membership.

Ngai said the expected funding from the bank would enable the infant nation to fast-track the implementation of the projects identified under the development plan.

Kaberuka emphasized the urgent need to have the AfDB on the ground in South Sudan, saying: “This urgent need was appreciated by all the bank stakeholders, who accepted a fast-track approval of this general cooperation agreement.”

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