Nairobi-based Trade and Projects Finance advisory firm, Benchmark Solutions has secured Sh9 billion in funding for the government of South Sudan to support the country’s 2018/19 budget
The 2-year trade finance facility structured by Benchmark Solutions, was advanced by Africa Export and Import Bank (AFREXIM Bank) and will be repaid from the oil revenues guaranteed by Trinity Energy Limited – a South Sudanese company specializing in petroleum products and related services
Receiving the funds on behalf of the Government of South Sudan, the Minister of Finance and Economic Planning, Hon. Salvatore Garang Mabiordit said the funds would be used for facilitating trade and developmental projects and financing social benefits and humanitarian disaster management programmes in the country.
“We mandated Benchmark Solutions Limited to source and negotiate favourable credit terms with prospective lenders to help the government plug-in the budget deficit and also help us meet social and developmental needs. We are happy with what they’ve achievements so far,” Mabiordit said.
In August, South Sudan’s parliament approved a budget of 81.6 billion South Sudanese pounds ($584 million) for the 2018/19 fiscal year, an increase of 75 per cent from the previous period. The budget is expected to be partly financed by external creditors and donors.
According to Benchmark Solutions Limited Chief Executive, Laura Akunga. they have also arranged a grant from the African Development Bank to support the country’s membership subscription in African Trade Insurance (ATI) and Trade and Development Bank (TDB) and also recommended and structured the country’s membership in the AFREXIM Bank.