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South Sudan Nears B Oil-Backed Loan From UAE

South Sudan Oil Sudan UAE
UNHCR goodwill ambassador Cate Blanchett visits Renk transit centre in South Sudan

United Nations experts have reported that South Sudan is on the verge of finalizing a substantial $13 billion loan from a United Arab Emirates-based company, despite facing challenges in managing debts backed by its oil reserves. The loan, which would be the largest oil-backed loan in South Sudan's history, is set to be provided by the Hamad Bin Khalifa Department of Projects.

The experts highlighted that servicing this loan could potentially consume a significant portion of South Sudan's revenue for many years, contingent on oil prices. The Dubai-registered company, Hamad Bin Khalifa Department of Projects, has not been reachable through traditional means of communication, and the UAE Mission to the United Nations has refrained from commenting, citing the company's private status.

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