Sahara Energy Resources has extended a $600 million facility in South Sudan to help boost resurgent hope for peace in the world’s fledgling democracy.
The $600 million facility provided by Sahara Energy DMCC, a member of the leading energy and infrastructure multinational Sahara Group, is anticipated to support the peace process and aid sustained economic growth and development in South Sudan.
In a statement by the group’s Executive Director, Temitope Shonubi, during a meeting with President Salva Kiir of South Sudan, he said, “Sahara Group is passionate about fronting sustainable development in Africa and remains steadfast in its resolve to support peace and trade integration on the continent to promote shared prosperity. “
World Bank’s Reports on South Sudan’s Oil Economy
The World Bank testifies that South Sudan is the most oil-dependent country in the world, with oil accounting for almost the total of exports, and around 60% of its gross domestic product (GDP).
According to the United Nations, the cost needed to help 6 million South Sudanese –which is about half of the country’s population – cope with the effects of the country’s economic condition was put at $1.7 billion in 2018. The huge financing challenge of transforming South Sudan makes the Sahara Energy facility and continuing global support unavoidable.
In line with the governance prerequisite and need to preserve the integrity of South Sudan’s oil resources, the facility provided by Sahara Energy will be managed by the nation’s Central Bank under the watch of a United Nations led team.
Aim Of Sahara Energy Project On South Sudan And Africa
Sahara Group, in collaboration with various stakeholders, would support infrastructure development and youth empowerment, as well as support regional and global inventiveness geared towards transforming the nation. This will enhance the cause of giving wings to the aspirations of a continent of over 1.2 billion people.
One major impact of this move is the harnessing of the potentials of intra-regional trade, and also keeping with the vision for a harmonized Africa.
Sahara Group As A Multinational
Sahara Foundation, the vehicle of the group’s personal and corporate social responsibility initiatives – has also provided farm equipment to associations in a bid to boost crop production and self-sustainability in the region.
Sahara Group is a leading international energy and infrastructure conglomerate with operations in over 38 countries in Africa, the Middle East, Europe and Asia. Established in Lagos in 1996, it relocated the group’s trading hub from Lagos to Geneva, Switzerland two years later.
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