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

Published

3 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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IMF mission concludes 4th loan program assessment in Egypt

Published

59 minutes ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.