South Sudan close to securing a billion oil-backed loan from UAE company

South Sudan is on the brink of securing a groundbreaking billion loan from the United Arab Emirates, according to U.N. experts. Despite facing challenges in managing its debts backed by oil reserves, the oil-rich country appears to be moving forward with the deal.

The experts, in a report submitted to the U.N. Security Council, revealed that the loan would be facilitated by the company Hamad Bin Khalifa Department of Projects and would mark South Sudan’s largest-ever oil-backed loan.

This development comes at a critical time for South Sudan, as the country continues to grapple with economic instability and debt management issues. The potential loan could provide a much-needed boost to the nation’s financial standing and fuel further growth and development.

The details of the agreement and the implications for South Sudan’s economy remain to be seen, but if successful, this loan could pave the way for significant progress and investment in the country’s oil sector. Stay tuned for further updates on this evolving story.