Bank of South Sudan Launches $18 Million 5-Year Project to Strengthen Economy

By Ginaba Lino

The Central Bank of South Sudan (BoSS) has officially launched a five-year project aimed at strengthening the country’s financial sector, with a total investment of $18 million. The initiative, titled “Strengthening South Sudan’s Financial Sector” (3SF), seeks to enhance the institutional and supervisory capacity of BoSS while modernizing core financial sector infrastructure, including the banking system.

During the launch ceremony, Dr. James Alic Garang, Governor of the Central Bank, highlighted the project’s significance in modernizing the country’s financial system and emphasized the Bank’s commitment to ensuring its successful implementation.

“It’s a great honor to launch the Strengthening South Sudan’s Financial Sector (3SF) project. This initiative reflects our deep commitment to modernizing the Bank of South Sudan and bolstering the country’s financial sector. We believe that this project will enable us to exert all efforts to achieve these goals, both in letter and spirit.”

Dr. Alic also called on the project team to collaborate closely, ensuring that the vision for the financial sector reform is realized. He further reaffirmed the Bank’s dedication to successfully implementing the project.

“To take this project to greater heights, I call on all team members involved to continue working together. On behalf of the Bank, I reaffirm our commitment to fully implementing the 3SF project, ensuring that it meets its objectives.”

He extended a call for support to the Ministry of Finance, the World Bank, and other key stakeholders, highlighting their roles in making the project a success.

Representing the World Bank, Maryam Salim, Country Director for South Sudan, Sudan, and Ethiopia, noted that this project marks a significant milestone in the World Bank’s efforts to foster long-term economic development and stability in South Sudan. She emphasized that the project represents a shift in the World Bank’s portfolio from addressing immediate needs to focusing on sustainable growth.

“This initiative reflects a pivotal moment in our ongoing commitment to support South Sudan’s economic development. We are now moving from addressing immediate needs to a long-term development approach. A well-functioning financial sector is essential for the wellbeing of any nation, and this project is a critical step in that direction.”

While praising the initiative, Salim acknowledged the challenges BoSS faces in meeting the country’s financial needs but assured that the World Bank would continue to provide support throughout the project’s implementation.

“This won’t be an easy task, but the World Bank team will be with you every step of the way to ensure the project achieves its goals. By working together with our partners and stakeholders, I am confident that we will meet the financial sector’s needs.”

Speaking on behalf of the Ministry of Finance, Deputy Minister Agok Makur expressed gratitude to the World Bank for its continued support across various sectors, including humanitarian assistance and agriculture. He reiterated the Ministry’s commitment to collaborating with BoSS in addressing the financial challenges facing the country.

“As the Ministry of Finance, we appreciate the World Bank’s cooperation, particularly in capacity building, to strengthen the 3SF project. We are fully committed to working closely with BoSS to address the financial challenges the country is facing and ensure the success of this initiative.”

The project, which was approved on 28th September 2023 and signed on 1st December 2023, will officially be in effect from 28th February 2024 until 27th September 2028. Through this initiative, South Sudan aims to build a stronger, more resilient financial sector to support long-term economic stability and growth.