MIGA, South Sudan Sign Agreements To Boost Foreign Investments

Aggrey Tisa Sabuni, South Sudan’s Finance Minister welcomed the signing of the MICA agreements at such a trying moment. [Gurtong file]

According to a press release extended to Gurtong, the legal agreements were signed during the spring meetings of the World Bank Group and the government of South Sudan on Saturday in Washington. 

“Signing this agreement during these challenging times is tremendously significant and important for our country,” Aggrey Tisa Sabuni, South Sudan’s Minister of Finance said at the signing of the agreements.  “Our actions today signal that we are re-entering a conversation that we began at the South Sudan Investment Conference in early December 2013.”

Michel Wormser, MIGA Vice President and Chief Operating Officer also welcomed the news that South Sudan is open for business. 

He said: “MIGA has a long history of fostering private sector development in countries that have experienced conflict, and we are pleased to be in a position to help South Sudan attract investors to achieve its development priorities.”

At the same fuction, Bella Bird, World Bank’s Country Director for South Sudan said the new nation  has vast investment needs as she pledged  their commitment to help the new nation develop. 

“We are committed to bringing the entire array of World Bank Group instruments to support the country’s development. Private sector investment will be essential to generate jobs and opportunities in a  fragile country such as South Sudan,” she said.

The parties also discussed a number of areas where MIGA could potentially support foreign investments,  including agribusiness, power, and transportation.

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