South Sudan Joins World Bank Group
18 April 2012 - The Republic of South Sudan became the newest member of the World Bank Group today when it signed the Articles of Agreement and Conventions of the World Bank Group in Washington DC.
"Even before we became members, the World Bank had already been collaborating closely with us," said South Sudanese Minister of Finance and Economic Planning Kosti Manibe Ngai , who signed the agreement. " So today we are very pleased that the formalities have finally been completed. "
South Sudan became the world's newest country on 9 July 2011, after decades of conflict.
It has few roads or water infrastructure, while key education and health indicators such as child and maternal mortality and primary enrolment are among the worst in the world.
Although more than half of the population lives below the poverty line, the country has rich agricultural and forestry potential as well as significant oil reserves.
Obiageli Ezekwesili, World Bank Vice President for Africa, congratulated and welcomed South Sudan's membership. "South Sudan is a test case for the ideas in our 2011 World Development Report on Conflict, Security and Development, emphasizing the leadership role of citizens in their own country- led peace and state-building solutions, with the support of their international development partners."
He pledged the bank's support to help South Sudan "manage and resolve its many formidable development challenges, while it also builds a broad national coalition to secure lasting peace and prosperity".
In addition to becoming a member of the International Bank of Reconstruction and Development (IBRD), South Sudan joined the International Finance Corporation (IFC), International Development Association (IDA), International Centre for Settlement of Investment Disputes (ICSID), and Multilateral Investment Guarantee Agency (MIGA). IDA is the Bank Group's concessional financing facility that helps the world's poorest countries.
As a member of IDA, South Sudan will have access to highly concessional resources, in addition to a wide range of technical and advisory services from the World Bank Group.
We look forward to a long-term partnership with the World Bank Group as we work together on the much needed development of South Sudan," said Minister Ngai.