South Sudan Remains Attractive To Investors Despite Crisis: Stanbic Bank

By Staff Writer

Years of crisis have not quenched the thirst for development in South Sudan, one of Africa’s rich countries in minerals, Lorna Mwangi, the head of corporate banking at Stanbic Bank Ltd in the country, said.

The banking sector is among those most affected when crisis broke out in 2013 and dragged on through 2018, ending with a landmark peace pact between President Salva Kiir and former rebel leader Dr. Riek Machar. The two are now leading a transitional government of national unity in the country.

The war slashed crude oil production, the main revenue source for the country with the third largest reserves of oil in Sub-Saharan Africa, and set in a chaotic economic situation.

While many financial institutions closed during the crisis, Stanbic Bank continued operating.

“The potential of the country to continue harnessing its oil resources is still huge and this can be used to boost other industries such as financial services and manufacturing,” Ms. Mwangi told Juba Echo in an interview on June 29.

At Stanbic Bank, we have confidence that there will be more growth in this sector and that it will continue to have a positive impact on the economy especially as we introduce local content,” she said

Ms. Mwangi hailed the natural resources noting that South Sudan “has the potential to create wealth for many citizens through job creation, foreign exchange for growing other sectors such as manufacturing.”