The South Sudanese government has secured a 2-year trade finance facility worth, $90 million to help fund the country’s 2018/19 budget.
Through a Nairobi-based Trade and Projects Finance advisory firm, Benchmark Solutions, the country will repay the facility from the oil revenues guaranteed by local company Trinity Energy Limited which specialise in petroleum products.
The country’s approved budget of $584 million for the next financial year 2018/2019 is a 75 per cent increase from the previous one and is expected to be partly financed by external creditors and donors
“We mandated Benchmark Solutions Limited to source and negotiate favourable credit terms with prospective lenders to help the government plug-in the budget deficit and also help us meet social and developmental needs. We are happy with what they’ve achievements so far. ” Said the South Sudanese Minister of Finance and Economic Planning, Hon. Salvatore Garang Mabiordit .
He further added that in addition to budgetary support, the funds would be used for facilitating trade and developmental projects and financing social benefits and humanitarian disaster management programmes in the country.
Benchmark Solutions Limited Chief Executive Officer, Laura Akunga MM on his part said they were honoured to be working with the government of South Sudan and indigenous private sector companies in South Sudan at this critical moment.
‘’Our mandate is to transform Africa, one business at a time as we endeavour to position African Institutions to draw maximum benefit from multilateral institutions such as AFREXIM Bank to support trade and development projects.’’ He said.