This article was last updated on May 25, 2022
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The document was presented by the Acting Minister of Finance and Economic Planning Marial Awou after the work of the Council of Ministers, making the fledgling nation to become the latest member to join the bank.
According to Awou, joining the AfDB will increase South Sudan’s opportunities of borrowing loans and the ratification of the document gives South Sudan legal ground now to borrow loans from the bank for projects that should sustain its economy.
According to the purpose the agreement, they shall be in position to contribute to sustain the economic development and social progress of South Sudan as it’s the case with already member States.
The MPs did not have a long debate on the presentation and unanimously passed it.
The African Development Bank Group (AfDB) is a multilateral development finance institution established to contribute to the economic development and social progress of African countries.
The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.
The AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC).
Member governments are officially represented at the AfDB by their Minister of Finance, Planning or Cooperation who sits on the AfDB Board of Governors.
The primary function of AfDB is making loans and equity investments for the socio-economic advancement of the RMC.
The Bank is currently based in Tunis, Tunisia after relocating from its headquarters in Abidjan, Côte d’Ivoire because of instability there.
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