UN experts say South Sudan is close to securing a $13 billion oil-backed loan from a UAE company

UNITED NATIONS — U.N. experts say South Sudan is close to securing a $13 billion loan from a company in the United Arab Emirates, despite the oil-rich country’s difficulties in managing debts backed by its oil reserves .

Hamad Bin Khalifa Department of Projects, registered in Dubai, has no listed phone number and its website isn’t working. An email address associated with the company bounced back. The UAE Mission to the United Nations declined to comment, saying Hamad is a private company.South Sudan gained independence from Sudan in 2011 following decades of civil war that cost million of lives, and oil is the backbone of the young nation’s economy.

According to the documents, around 70% of the loan is to be allocated to infrastructure projects, with the first payment in excess of $5 billion, the panel said. Following a three-year grace period, “the loan will be secured against the delivery of crude oil for a period of up to 17 years.”South Sudan lost a case in the International Center for Settlement of Investment Disputes stemming from a $700 million loan it received from Qatar National Bank in 2012.

South Sudan was supposed to hold elections before February 2023, but that timetable was pushed back last August to December 2024.just weeks after his former rival turned deputy proposed a further postponement of elections. Greene called ‘bleach blonde bad-built butch body’ in House screaming match where ‘drinking was involved’Trump Breaks Silence About Kristi Noem Killing Her Own DogFox Business NetworkRep. Greg Murphy made a bizarre claim Thursday, insisting that he has “evidence” to support his allegation that President Joe Biden was “jacked up on something” during the State of the Union address. He even offered to show his so-called proof to Fox Business Network host Maria Bartiromo “offline.

Source: News Formal (newsformal.com)

Oil Exports Port Sudan Oil Prices Oil Reserves UNITED NATIONS Panel Of Experts Oil Section Sudan

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