South Sudan and the World Bank have launched an $18 million development project to bolster the country’s financial sector.
The initiative, spearheaded by the Bank of South Sudan (BoSS), focuses on key areas such as financial policy development, human resource reforms, and the creation of a banking and finance institute.
Over the next five years, the project aims to modernize the country’s core banking system, enhance financial infrastructure, and empower the Financial Intelligence Unit to combat money laundering more effectively.
At the launch event, Dr. James Alic Garang, Governor of the Bank of South Sudan, emphasized that the project will play a vital role in advancing ongoing economic reforms and in expanding and modernizing the financial system.
Deputy Minister of Finance and Planning, Hon. Agok Makur, underscored the significance of the collaboration between financial institutions, stating that it would not only improve services but also provide valuable training to institutions.
He commended BoSS for its leadership in enhancing services and elevating the bank’s reputation.
World Bank Country Director for South Sudan, Ethiopia, and Sudan, Maryam Salim, highlighted that the project will help South Sudan build a stronger, more efficient financial system.
She noted that it will address critical financial challenges, close existing gaps, and support the Bank of South Sudan in fulfilling its mandate, fostering public trust, and strengthening financial policies.
