Africa-Press – South-Sudan. The Bank of South Sudan in collaboration with the World Bank Group, has officially launched an 18 million-US dollar development project aimed at strengthening the country’s financial sector.
The project will focus on several key areas, including the formulation of financial policy, human resource reforms, and the establishment of a banking and finance institute.
Over the next five years, it will also work towards modernizing the core banking system, enhancing financial infrastructure, and supporting the Financial Intelligence Unit to combat money laundering and related financial crimes.
Speaking at the launch event yesterday, Bank Governor Dr. James Alic Garang xpressed his institution’s commitment to implement the project in letter and spirit.
“We believe this is the project that the Bank of South Sudan is highly committed to implement both in letter and spirit.
“We believe this project will enable us to exert all efforts in our attempt to modernize the bank and at the same time underline our attempt to strengthen the broader financial sector in this country,” he said.
He stated that the initiative will significantly contribute to the ongoing economic reforms in South Sudan and help expand and modernize the country’s banking system.
” I call upon different government agencies that are related to this function, the world bank team off course, and all the other stakeholders including bankers’ association to support this project where necessary”, he added.
In his part, Deputy Minister of Finance and Planning, Agok Makur, underscored the importance of collaboration between financial institutions, highlighting that the project will benefit financial institutions through targeted training programs.
He also commended the leadership of Band of South Sudan for taking steps to expand services and improve the institution’s image.
Meanwhile, World Bank Country Director for South Sudan, Ethiopia, and Sudan, Maryam Salim, believed that the project will lay a strong foundation for a more efficient financial sector in South Sudan.
She noted that it will address critical financial challenges, close existing gaps, and support the Bank of South Sudan in fulfilling its mandate, thereby fostering trust and strengthening its financial policies.
“It focuses on institutional strengthening and rebuilding credibility of the Central Bank serves a fundamental intervention to lay a strong foundation to the sector development.
“There is evidence that the financial sector plays a crucial role in driving economic growth and prosperity and its proper functioning is essential,” she said.
To function of the central bank of South Sudan is to establish and supervise conventional banking services in South Sudan including licenses to financial institutions according to rules and regulations issued by the board of directors.
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