The Transitional National Legislative Assembly (TNLA) yesterday approved a project concession loan and grant totalling to 47.88US dollars borrowed by the government from the African Development Bank (ADB).
This approval came after the parliament ratified South Sudan membership to two international financial institutions, the African Export and Import bank and Trade and Development bank two weeks ago.
The project concession loan document was presented by the chairperson of the committee on finance and economic planning Dr. David Nailo Mayo.
Dr. Mayo said the loans are provided by the African Development Bank on concession terms for developmental activities in South Sudan.
He said 27.76 million dollars of the 47.88 million US dollars was given to the government as a loan at an interest ranging from 0-1percent per annum while the 20.12 million US dollars was given as a grant to the government.
Out of the over 47 million US dollars, 14.75 million of the loan will be used for developing the Juba Power distribution system’s rehabilitation and expansion project within the city.
While 18 million US dollars will be used for membership subscription to the regional financial institutions including the Trade and Development Bank which the government joined two weeks ago.
The remaining 15.13 million US dollars will be for institutional support for domestic revenue mobilization especially establishing the national revenue authority.
Mayo further said processes are underway to appoint a foreigner to lead the national revenue authority and the African Development Bank had accepted to pay the appointee for a period of three years.
Mayo said it was important that the parliament approved the document, saying the African Development Bank had notified the Ministry of Finance and Economic Planning that the loan and the grants were ready and should have been released by last year.