Stanbic Bank and UNDP sign $9.2 million deal to develop private sector in South Sudan

By Tapeng Michael Ohure

Stanbic Bank South Sudan signed a partnership memorandum of understanding (MOU) with the United Nations Development Programme (UNDP) to foster development of the private sector in the world’s youngest nation.

The African Development Bank through UNDP is funding a $9.2 million project that is scheduled to run for two years from 2022.

Speaking at the signing ceremony on Thursday in Juba Mr. Andrew Murugu, Country Head, Stanbic Bank South Sudan said, “This is an important step not just for Stanbic Bank but for the rest of South Sudan’s private sector. We believe that South Sudan’s socio-economic transformation will be accelerated by partnerships between government, development partners, and the private sector.”

The partnership is planned to promote financial literacy and capacity building support for youth, and women entrepreneurs in various sectors, including agriculture.

“We have learned over the years that our work is more impactful when we involve partners from all sectors. Our collaboration with Stanbic will therefore provide an opportunity to advance the commitment and involvement of the private sector in sustainable development opportunities as envisioned in our framework.” Said UNDP South Sudan Resident Representative Dr. Samuel Gbaydee Doe.

Stanbic bank says the collaboration will also support Micro, Small, and Medium-sized Enterprises (SMEs) through up-skilling to ensure that locally owned businesses can participate competitively in both domestic and regional trade.