The World Bank yesterday signed an agreement granting nine million US dollars to South Sudan to strengthen the economy and create new jobs.
World Bank Country Manager in South Sudan Laura Kallenberg said this was the first grant of the global finance institution to South Sudan, marking the beginning of a long and fruitful partnership.She added that the nine-million dollar grant is part of a much bigger 75-million dollar transition trust fund the World Bank approved for South Sudan after the independence until the country joins the institution.
Ms. Kallenberg said the nine million dollar grant aims to finance up to 50,000 people, create 250 new jobs and support 100 investors.
National finance minister Kosti Manibe Ngai said South Sudan has applied to membership of the World Bank and it will be admitted on April 18 in Washington-DC, in the USA.
Mr Manibe explained that the grant inaugurates a new era of collaboration between the World Bank and the Government of South Sudan.
He added that the grant will help the private sector to strengthen its position in playing an active role in the economy of South Sudan.