South Sudan Central Bank Will Now Take Charge of Major Highways Construction Funds

The government has revoked a decision which earlier entrusted the Ministry of Petroleum with the responsibility of wiring funds into an escrow account meant for the construction of the Juba -Bahr el Ghazal highway.

A cabinet meeting on Friday has decided to place the responsibility of control of the funding on the bank of South Sudan.

The bank will now deal directly with the China Shandong High-speed group of companies.

It said money generated from the sale of crude oil will be channel through the Central bank, which will then transfer the money to the contractor, the Chinese-owned company.

Three months ago, South Sudan and Shandong High-speed signed an agreement for the construction and upgrading of major national and interstate highways.

The 700-million-dollar deal was to be paid gradually through the lifting of 30,000 barrels of crude oil per day -to cover the cost of the road works.

Last month, the government announced it completed the shipment of the first cargo of crude oil meant to fund the construction of the Juba – Terekeka – Yirol – Rumbek road project.

The move comes weeks after Kiir relieved Ezekiel Lol Gatkuoth as the Minister of Petroleum, and appointed Engineer Daniel Awou Chuong as his replacement.

Makuei said the new decision takes the responsibility of dealing with finances away from the Ministry of Petroleum. “The Ministry of Petroleum is not a spending agency but a revenue generating institution,” he said.

Source: Eye Radio