South Sudan’s business moguls mortgage assets worth $200m

March 15, 2022 (JUBA) – Leading South Sudanese businessmen on Monday said they have reached an agreement that would enable them receive a $200 million loan from the country’s Central Bank.

The businessmen, who negotiated the deal on behalf of the business community, included President Salva Kiir’s son in-law, Maker Gai Thiep. Others are Amin Akasha, a business associate to Kiir’s family and renowned businessman Ayii Duang Ayii.

Speaking to Sudan Tribune Monday, Ayii said the agreement allows them to use fixed assets, valued at $1.5 billion, to acquire the $200 million loan.

The asset, according to the business mogul, include hotels, privately constructed hospitals, clinics, commercial buildings and residential houses.

Ayii further explained that the loan from the Central bank would be used to support livestock and agricultural exports and imports in the country.

“It is true there is progress in our discussions with the presidency. We have been talking to the president and others in the presidency. Initially, it was tough, but we have reached an agreement with the presidency,” he said.

Ayii further said the Central Bank governor was instructed to assess the fixed assets of the South Sudanese business community before the loan is given.

The bank will give $200 million or its equivalent in South Sudan Pounds (SSP).

“The Central Bank should speed up to pay the $200 million or its equivalent in pounds,” said Ayii, adding that the loan would be for a five year period.

Neither the Finance ministry nor Central Bank commented on the matter.

Observers wondered why such a huge loan was not taken to parliament for debate to properly assess its merit and how it would benefit citizens.

(ST)