Three years after donors stopped giving aid to South Sudan due to the outbreak of war, South Sudanese President Salva Kiir has received an offer of 105 billion dollars to fund the budget and project support by an investment fund based in Luxembourg , a small European country, reports the East African.
A meeting in Kampala, October 2016 “between well-wishers for the peace and stability of South Sudan” and the Uganda agent of Suiss Finance Luxembourg AG made way for the funding package that can help South Sudan rise from the ashes of poverty and war.
The funding deal included safekeeping receipts, foreign exchange and natural resources trading, credit line whose funds are to be deposited in South Sudan to be used as a direct support to the national budget. The funds could be used to finance projects through joint ventures in infrastructure, transportation, oil and energy.
“Suiss Finance Luxembourg AG offers the Republic of South Sudan initially €10 billion, which can be increased up to €100 billion. After duly executing the agreements and supporting instruments (signed by your minister of finance and endorsed by the Central Bank Governor), and with your co-operation, the 10 billion euros can be created and transferred into a Suiss Finance Luxembourg AG trust account to be held in the Central Bank of South Sudan between 30 and 90 days,” Rene A Cortez, the Director of Suiss Finance Luxembourg AGwrote, according to the report by EA
Mr. Cortez in the statement asked the South Sudan president to invite Suiss Finance Luxembourg AG to present to the Government of South Sudan their proposal and conclude any relevant agreements to enable Suiss Finance to immediately initiate financial activities to release the funding
