South Sudan’s parliament on Monday approved a loan totalling to $47.88 million borrowed from the African Development Bank (AfDB).
The project concession loan document was presented by the head of the parliamentary committee for finance David Nailo.
Nailo said the loans are provided by the African Development Bank (AfDB) on concession terms for developmental activities in the world’s youngest nation.
He said 27.76 million dollars of the 47.88 million US dollars was given to the government as a loan at an interest ranging from 0-1percent per annum while the 20.12 million US dollars was given as a grant to the government.
He explained that 14.75 million of the loan will be used to develop the Juba power distribution system’s rehabilitation and expansion project.
The lawmaker revealed that 18 million US dollars will be used for membership subscription to the regional financial institutions including the Trade and Development Bank which the government joined two weeks ago.
The remaining 15.13 million US dollars, according to Nailo, will be for institutional support for domestic revenue mobilization especially establishing the national revenue authority.