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South Sudan, Japanese govt sign $23m deal for infrastructural development

Published

2 years ago

April 28, 2022

The South Sudan government has penned a $23.3m deal with the Japanese government to develop infrastructure in the world’s youngest nation.

The multi-year project grant deal which was signed on Wednesday will include the reconstruction of four bridges, approach roads, revetment, and consulting service to ensure the road traffic safety and expand the traffic volume through reconstructing bridges in the country’s capital, Juba City.

The deal was signed on behalf of the South Sudanese government by the Undersecretary of the Ministry of Foreign Affairs, Amb. Mayen Dut Wol, and Toyama Mitsuhiro, Chargé d’affaires ad interim of Japan, in Juba.

“Without the improvement of infrastructure, sustainable development and economic growth cannot be achieved”, Mr. Mitsuhiro said during the signing ceremony for new grant aid from Japan.

He said the project will also see many South Sudanese engineers train on various technologies necessary for the development of the African youngest nation.

“Once this project is completed, the reconstructed four bridges will contribute to improving the traffic convenience and logistics in the capital city Juba.

“In addition to the Freedom Bridge over the Nile, which will be available in the coming weeks, we expect these bridges also improve the lives of all Juba citizens,” Mitsuhiro said.

Amb. Wol said the grant will be utilised for the “construction of four bridges located in Juba, named Shuhada, Albino, Salakana, and Kokora bridges will reduce traffic congestion and help the overflow of the traffic.”

Related Topics:Featured Infrastructure Japan South Sudan

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Ezz al-Arab appointed as Egypt’s CIB chairman

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

VenturesNow

Nigerian inflation falls again, drops to 32.15% in August

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.