Sahara Energy Resources DMCC, a member of Sahara Group, leading energy and infrastructure conglomerate, says it has set up a $600 million facility in South Sudan.
In a statement issued on Sunday, Temitope Shonubi, executive director of Sahara Group, said the facility is expected to facilitate the peace process in the embattled oil-rich country and also boost the country’s economic growth.
South Sudan had been ravaged by years of civil war which came to an end in 2018 after its leaders signed a peace agreement.
Shonubi said the group is working with various stakeholders to support infrastructural development and youth empowerment in the country.
“Sahara Group is passionate about spearheading sustainable development in Africa and remains unwavering in its resolve to support peace and trade integration on the continent to promote shared prosperity,” Shonubi said in a meeting with Salva Kiir, South Sudan’s president.
“Following the end of the conflict and the reconciliatory efforts made by the leaders of the Country, we are delighted to partner with the government and people of South Sudan as well as support regional and global initiatives geared towards transforming the nation.
“Sahara Group has consistently advocated increased commitment to intra-Africa interventions through collaboration of all stakeholders. This, for us at Sahara, enhances the cause of giving wings to the aspirations of the continent’s over 1.2 billion people.”
The company said the huge funding challenge of transforming South Sudan makes the Sahara Energy facility and continuing global support inevitable.
According to Sahara Energy, the facility will be managed by the nation’s Central Bank under the watch of a United Nations-led committee.