Africa-Press – South-Sudan. By Bida Elly David
The Ministry of mining over the weekend called on Commercial banks to finance the development of the mining sector in the Country. Speaking during a one-day meeting with heads of commercial banks on the presentation of the mining status in the Country, Martin Gama Abucha the National minister of Mining said that there was a need for the banks to influence transactions between private foreign investors and the government.
The meeting was attended by heads and delegates of Nile commercial bank, Buffalo Bank, Eco, Cooperative, Equity, and many others. He said that the mining sector requires investments for infrastructures including pre-investment expenditures on the exploration and production facilities. The banks through loans would enable the government and investors to purchase new equipment and refurbish existing plants as well as ramp production.
‘’There is a need for the banks to influence transactions between private foreign investors and the government to finance the mining sector towards its growth. The mining sector requires investments for infrastructures including pre-investment expenditures on the exploration and production facilities. The banks through loans would enable government and investors to purchase new equipment and refurbish existing plants as well as ramp production’’ Gama said
Furthermore, he reiterated that South Sudan’s metals and mining sector has deposits of copper, diamond, gold, iron ore, lead, limestone, manganese, marble, and zinc mined for profit and then used in jewelry-making, industrial applications and investments but due to lack of finance, mining them became a problem.
He called on commercial banks to provide loans to facilitate the investment of the sector to gain potential towards reducing the unemployment rate in the Country.
‘’ South Sudan’s metals and mining sector have deposits of copper, diamond, gold, iron ore, lead, limestone, manganese, marble, and zinc mined for profit and then used in jewelry-making, industrial applications and investments but due to lack of finance, mining them became a problem. I call on commercial banks to provide loans to facilitate the investment of the sector to gain potential towards reducing the unemployment rate in the Country. He added
However, Osama Muhammad Bilal, the manager of Nile Commercial Bank said that government should provide an enabling environment for banks to invest in the sector.
‘’Mining is one of the most important areas of our resources in South Sudan but we have been left behind. People have been concentrating mostly in oil leaving behind the Gold and Diamond’’ He said
The meeting resolved way forwards towards mapping, geological survey, and lab examination to facilitate simplification of mining activities in the Country.
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