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. The panel of experts said in a report to the U.N. Security Council that loan documents it has seen indicate the deal with the company, Hamad Bin Khalifa Department of Projects, would be South Sudan’s largest-ever oil-backed loan.
The experts, who monitor an arms embargo against South Sudan, said in the oil section of the report obtained by The Associated Press this week that 'servicing this loan would likely tie up most of South Sudan’s revenue many years, depending on oil prices.' 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 panel of experts said would be 'a significant milestone' and warned that the country's leaders are running short of time 'to ensure divergent expectations do not fuel further tensions and strife.' The experts also noted South Sudan's humanitarian crisis. in which an estimated 9 million of the country's 12.5 million people need protection and humanitarian assistance, according to the U.N.
Source: News Formal (newsformal.com)
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