South Sudan signs MoU with Trade and Development Bank

September 3, 2017 (KIGALI) – The Republic of South Sudan has signed a Memorandum of Understanding (MoU) with the Southern and Eastern African Trade and Development Bank in Seychelles.

South Sudan’s finance minister Stephen Dhieu Dau signed the MoU, witnessed by the President of Seychelles, Danny Faure, ex-Zambian president, Rupiah Banda and a number of finance ministers from the Common Market for Eastern and Southern Africa (COMESA).

The MoU was signed during the annual meeting for the vote of governors of the Trade Development Bank to be negotiated among the three parties for the Republic of South Sudan and Republic of Sudan to finance trade, particularly in the oil sector.

“The Trade and Development Bank is supporting the member states in the areas of providing the funding for the infrastructure, trade finance and social services projects”, said Dau in a statement.

The main objective of the bank is to support the member states in areas of economic and trade and integration in general, it added.

South Sudan will, in accordance to the MoU, enjoy benefits of being a member of the COMESA as well as Trade and Development Bank.

The war-torn nation joined the Southern and Eastern African Trade and Development Bank by signing the charter of the bank in December 2016 and was eventually endorsed by the Board of Directors in March 2017, becoming the 21st member of the Trade and Development Bank, formerly known as PTA Bank.

Founded in 1985 with its headquarters in Bujumbura, Burundi, the Eastern and Southern African Trade and Development Bank reportedly provides project and infrastructure finance, trade finance products as well as services in Eastern and Southern African countries.

(ST)