AfDB provides $10 million to South Sudan Central Bank

JUBA, South Sudan

The African Development Bank (AfDB) has given the South Sudanese Central Bank a grant of over $10 million.

According to the bank, the money is meant to improve on Sudanese government payment system.

South Sudan’s first deputy governor of the Central Bank, Albino Dak Othow confirmed the agreement during a dinner gala organized by South Sudan Bankers Association in the capital Juba.

“They have given us a grant of over 10 point US dollars,” he stressed.

The governor revealed that the money shall be used to among other things reform and modernize the system to enable accessibility and flow of the payment process.

“For us, 2019 will be a different year for the financial sector in South Sudan. We will continue to engage the Bankers association to make sure this thing has done.” He added.

Ms. Bruna Siricio, the chairperson of South Sudan Bankers Association thanked AfDB for the grant and having trust in the Central Bank. She added that the SSBA enlightened AfDB on the problems hindering the progress of the important sector of the economy which enabled them receive the grant.

AfDB on its part noted that it was happy to grant this to South Sudan central bank to enable it ease in the payment process.

The South Sudanese Central Bank is responsible for the management and insurance of the State Currency. Some of its major functions include establishing and supervising conventional banking services, licensing financial institutions according to rules and regulations issued by the board of directors and to serve as means of payment.

The payment system is a set of instruments, networks, rules, procedures and institutions that ensures the circulation of money both locally and interantionally.