Strengthening South Sudan’s Economy!! Bank Of South Sudan Secures $18M Boost For Financial Sector Overhaul
The Bank of South Sudan, in partnership with the World Bank Group, has launched an $18 million development project aimed at bolstering the country's financial sector. The initiative will focus on several crucial areas, such as the creation of financial policies, human resource reforms, and the establishment of a banking and finance institute.
Over the next five years, it aims to modernize the core banking system, enhance financial infrastructure, and support the Financial Intelligence Unit in efforts to combat money laundering and other financial crimes.
During the launch event, Bank Governor Dr. James Alic Garang emphasized the institution’s strong commitment to executing the project thoroughly. He highlighted the project's potential to significantly modernize the bank while strengthening South Sudan's overall financial sector. Dr. Garang urged government agencies, the World Bank team, and other stakeholders, including the bankers' association, to lend their support to the project.
Deputy Minister of Finance and Planning, Agok Makur, echoed the governor's sentiments, stressing the importance of collaboration among financial institutions. He pointed out that the project would benefit these institutions through specialized training programs. He also praised the leadership of the Bank of South Sudan for their efforts to expand services and enhance the institution's image.
Maryam Salim, the World Bank Country Director for South Sudan, Ethiopia, and Sudan, expressed her belief that the project would lay a strong foundation for a more efficient financial sector in South Sudan. She noted that the initiative would help address key financial challenges, close existing gaps, and support the Bank of South Sudan in fulfilling its mandate. Salim emphasized that strengthening the institution's credibility and policies is essential for fostering trust and driving economic growth.
The central role of the Bank of South Sudan is to establish and supervise conventional banking services in the country, including issuing licenses to financial institutions based on the regulations set by its board of directors.
Source: Eyeradio
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