Co-operative bank opens in South Sudan

Kenyan lender Co-operative Bank in partnership with the Government of South Sudan (GOSS) has launched a bank in the continent’s youngest nation to benefit from government plans to boost local food production.

Co-operative Bank will take up a 51 percent stake in the bank, with the remaining going to the GOSS, officials said on Tuesday.

Officials said the bank would help farmers sell products as South Sudan, with the help of the United Nations, expands agricultural production to overcome food shortages.

“It is only through the bank that we will be able to support the farmers. When the government does not have money, the bank will have the resources to support the farmers,” the agriculture minister Betty Achan Ogwaro told Reuters.

Co-operative Bank of South Sudan that is licensed by the Bank of South Sudan will be based at the capital, Juba.

Source: Reuters