This article was originally published on the Africa Oil & Power website.
Sahara Energy Resources DMCC, Dubai – a member of the leading energy and infrastructure conglomerate, Sahara Energy – has extended a $600 million facility that will support economic growth and development in South Sudan.
According to reports, the facility will support infrastructure development and youth encouragement.
“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,” said Sahara Group’s Executive Director, Tope Shonubi.
The facility will be managed by South Sudan’s Central Bank under the watch of a United Nations-led committee.
Forming part of its strategy to expand its footprint in Africa, this commitment follows the group’s announcement last week that it plans to acquire French oil major Total’s stakes in three refineries in Cameroon, Ivory Coast and Senegal.