The Government of South Sudan decided to establish a cooperative bank with Kenyan support.
Barnaba Benjamin Marial, the government’s spokesperson, said the decision was taken during yesterday’s Cabinet meeting.
The proposal to establish the Cooperative Bank of South Sudan came from agriculture minister Betty Achan Ogwaro.
Dr Marial the government of South Sudan will contribute 70 percent of the capital while Kenya will contribute with the remaining 30 percent.
The government of South Sudan will inject ten million US dollars into the bank.
Dr Marial said the Minister of Finance presented to the Cabinet the austerity budget to counter the loss of revenue due to oil production shutdown, but he did not give details.