Washington DC — The African Development Bank (AfDB) and the Government of South Sudan today signed a general cooperation agreement that will make it possible for the AfDB to extend financial and technical support to South Sudan pending its full membership of the African Development Bank.

Mr. Donald Kaberuka, President of the African Development Bank, and Mr. Kosti Manibe Ngai, Minister of Finance and Economic Planning of the Republic of South Sudan, signed the agreement on the sidelines of the 2011 IMF/World Bank Annual Meetings in Washington, DC. Endorsed by the AfDB's Board of Governors, the agreement will allow the Bank to increase its presence in the country and continue its operations in Africa's newest state.

 

Minister Ngai thanked the AfDB for its staunch support to his country's newly launched national development plan, and welcomed its financial assistance even before his country accedes to full membership of the continental development institution. He said the AfDB's financial support would help fast-track the efforts needed to address South Sudan's priorities, as determined by the South Sudanese people and government.

President Kaberuka stressed the urgent need for AfDB assistance and presence in South Sudan, and noted that this agreement assured such assistance ahead of the completion of full membership formalities. This urgent need was appreciated by all the Bank's shareholders, who accepted a fast-track approval of this general cooperation agreement.