Juba, January 4, 2017 (SSNA) — The government of South Sudan has received a financial offer from a mysterious European financier after reports on the ground suggest that many requests by the young nation to secure financial assistance from foreign donors have been turned down, documents leaked to the South Sudan News Agency (SSNA) have revealed.
Suiss Finance Luxembourg AG, the mysterious company in question arranged the US$105 billion lifeline deal for South Sudan’s government budget and project support. Documents show the agreement was made through Suiss Finance Luxembourg AG’s Ugandan finance representative who goes by the name Moses M. Engadu, documents have shown.
In the 1st week of December, Suiss Finance Luxembourg AG’s director, Rene A Cortez, wrote a letter to Kiir explaining the offer and said the money could be increase if Juba executed the deal, adding that the money will be transferred from an entity to a trust account of Suiss Finance Luxembourg AG and Cortez’s company would then released the fund to the Central Bank of South Sudan.
“Suiss Finance Luxembourg AG offers the Republic of South Sudan initially €10 billion, which can be increased up to €100 billion. After duly executing the agreements and supporting instruments (signed by your minister of finance and endorsed by the Central Bank Governor), and with your co-operation, the 10 billion euros can be created and transferred into a Suiss Finance Luxembourg AG trust account to be held in the Central Bank of South Sudan between 30 and 90 days,” Cortez wrote.
Mr Cortez proposes that uses the financial package to finance projects through joint ventures in oil, infrastructure, energy, transportation, and demands safekeeping receipts, foreign exchange, and natural resources trading as part of the agreement.
A confidential government source who demanded anonymity because of the sensitivity of the case told the SSNA that President unconditionally accepted the offer and vowed to fulfill the requirements stipulated in the pact. The source added Juba is pleased with Uganda.
“This financial assistance is possible because of the tireless work Uganda has been doing on behave of the Republic of South Sudan. We thank President Museveni and his government for standing with us these difficult financial times,” the source told the South Sudan News Agency in Juba Wednesday.
The Source also disclosed to the SSNA that Kampala and Juba started looking for private financial help since October when it was clear the United States was pursuing an arms embargo against South Sudan and targeted sanctions.
South Sudan faces economic collapse after financial donors withdrew their support due to the ongoing civil war.