The World Bank has pledged to invest more in creation of jobs for young people in South Sudan.
“Caught in a web of fragility, economic stagnation, and instability a decade after independence,” it says the young nation has the potential for better economic growth.
Poverty, it argues, has been reinforced by a history of conflict, displacement, and shocks in the country.
The global financial institution also noted that South Sudan’s economy is especially vulnerable to weather, oil prices, and conflict-related shocks.
However, the World Bank’s regional vice president for Eastern and Southern Africa states that the conditions can improve if current efforts to address the underlying causes of the conflict continues.
Hafez Ghanem cited the existing manpower and the natural resources as drivers for a stabilized economy.
“We discussed with the President how we can capitalize on South Sudan resources to have economic growth, to create jobs and opportunities for youth, and to fight and eradicate poverty in South Sudan,” he told reporters after meeting President Salva Kiir at J1 on Thursday.
Ghanem added that the World Bank will also support projects that empower women, girl’s education, and livelihoods in South Sudan.
He disclosed that the bank has allocated $340 million for projects in South Sudan.
Since 2011, World Bank has been supporting investment projects, health, Agriculture, food, and livelihood among others.
In August 202, the bank approved a grant of $45 million to help South Sudan improve access to basic infrastructure and strengthen community-led development.