South Sudan has initiated moves to become a member of the African Export-Import Bank (Afreximbank), the Cairo-based continental multilateral financial institution established to promote and finance African trade.
A South Sudanese delegation led by Mou Ambrose Thiik, Deputy Minister of Finance and Economic Planning of the country, met in Cairo on Saturday with an Afreximbank team led by Bank President Dr. Benedict Oramah for discussions to clear the way for South Sudan’s immediate membership of the Bank.
Addressing participants during the meeting, which took place on the sidelines of the meeting of the Bank’s Board of Directors, Mr. Thiik said that South Sudan was determined to accomplish its Afreximbank membership in a speedy manner and that it hoped to have a formal accession ceremony to the Bank’s Establishment Agreement during the second week of May 2017.
“South Sudan considers it a milestone to be part of Afreximbank,” said the Minister, who explained that such membership represented part of the country’s vision for national development.
He said that the Bank’s support would be useful to South Sudan in many areas, including ensuring local participation in the country’s oil industry and supporting the development of its energy and agriculture sectors.
President Oramah told the delegation that membership of the Bank would give South Sudan automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones.
In addition, the Bank could support South Sudan if it decided to go into the international market for bond issuance, added the President.