World Bank to earmark 75 mln USD for South Sudan development

08:30, June 15, 2011      

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The World Bank announced on Tuesday that its Board of Executive Directors has recommended that a 75-million-U.S.-dollar trust fund be established to provide health care, infrastructure and employment assistance for the people of South Sudan.

"The World Bank is seeking to provide early assistance to South Sudan given the urgency of challenges faced by the nascent state, as it emerges from over two decades of civil war and embarks on the long journey towards nation building," the Washington-based Bank said in a statement.

The territory voted in a peaceful referendum in January 2011 to separate from Sudan, and is expected to become independent on July 9 this year. The Bank's Board has sent its recommendation to its Governors for approval, according to the statement.

The 75 million U.S. dollars will be made available to South Sudan in the first few months after independence. South Sudan has applied for membership to the World Bank, which is working closely with the International Monetary Fund to ensure that the joint processes can be completed as quickly as possible.

Source: Xinhua
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