A new bank known as National Investment and Development bank has on Thursday launched its operation in South Sudan.
The chairman Board of Directors of the bank Salvatore Garang Mabiordit told reporters that the bank will play crucial role in financing private and public sector investment and development and also create job opportunities for the youth and women.
Garang added that, the country is underdeveloped, grappling with poor road access and widespread youth unemployment promising loans to youth who are sitting with their qualifications under the trees.
“We will provide loan to help in generating employments to youth who have finished their colleges and sitting under trees with their certificate without jobs because joblessness is causing insecurity since the cost of living in the town needs stable income without which someone can easily be swayed criminal activities,” he said.
The Minister of Finance and Planing Agak Achuil Lual,who also attended this function urged the management of the bank to begin realizing their operational objectives focusing on reaching people in the rural areas through combination of the conventional banks and mobile money operation.
“This will make many rural households to have bank and mobile money accounts thereby easing access to financial sector so as to boost saving and see full utilization of domestic resources”, he said.
He also urged the bank to strengthen Agriculture as an engine of economic growth and sustainable livelihood by providing loan with low interest rates to farmers in the country.
The minister also listed the bank to finance job creation projects that will reduce dependency on foreign aids as this will facilitate people in embarking on self-poverty eradication
On the other hand, Peter Lam Both, the Interim Secretary General of the SPLM, said it is a great news to people of south Sudan that they are getting a Bank called National investment and development Bank.
“I am very sure this is one of the missing link that has been in our finance sector in the country, we need investment in south Sudan”, he noted.