TNLA formalizes steps to join AU financial bodies

[Elisabeth Janaina]

TNLA formalizes steps to join AU financial bodies
Obaj Shago | September 15, 2017 | 5:00 pm
Afreximbank HQ in Cairo, Egypt.

South Sudan has taken its first legal step into joining two of the
biggest continental banks after the Transitional National Parliament
endorsed a move which will see it boost trade and development with
partners.

The ratification of the treaties of the African Export-Import Bank and
the Trade and Development Bank comes after the Chairperson of the
Finance and Economic Planning Committee presented it to the MPS on
Monday.

“The house ratified the agreement for Export and Import Bank and also
Trade and Development Bank; these two institutions are very
important,” David Nailo Mayo said

It will enable the country to acquire loans from the banks, he said.

He also said the importance of joining the two African Union
institutions is in order to attract direct foreigner investments into
the country.

Hon. Mayo said the country has to contribute some money to be a full
member of the financial institutions.

“The subscriptions require for us is 54 million US dollars which the
country will have to pay so that we are members of Trade and
Development Bank,” he said.

Hon. Mayo says the subscription payment will by installments in one year time.

The Eastern and Southern African Trade and Development Bank commonly
known as PTA Bank, is an African regional development financial
institution established in 1985.

The Bank’s mandate is to finance and foster trade, socio-economic
development and regional economic integration across its Member
States.

According to the African Export-Import Bank (Afreximbank), it says its
foremost Pan-African multilateral financial institution devoted to
financing and promoting intra- and extra-African trade.

It was established in October 1993 by African governments, African
private and institutional investors, and non-African investors.

Since 1994, Afreximbank said it has approved almost $35 billion in
credit facilities for African businesses, including about $4.5 billion
in 2014.

Afreximbank is headquartered in Cairo, Egypt.