New Bank in Town

A new bank has opened its doors in the South Sudanese capital Juba.

By Juma John Stephen

JUBA, 12 August 2010 (Gurtong) – Mountain Trade and Development Bank (MTDB) is the latest entrant in the fledgling banking market in South Sudan.

The new bank located at the heart of Juba Town was officially launched on Monday by the Government of Southern Sudan’s Minister of Finance and Economic Planning David Deng Athorbei.

The bank’s board of trustees chairman Neroun Philip Ajo said the bank was established with an aim of empowering the people from the Nuba Mountains to boost their economic development as well to assist South Sudanese in poverty reduction efforts.

“The people of South Sudan and the Nubians have been marginalised in all aspects of life right from the civil war. Financial institutions in South Sudan are not adequate for both indigenous and international investors, hence one of the motives of establishing the MTDB”, he said.

He added that since the signing of the Comprehensive Peace Agreement five years ago South Sudan has been steadily growing both socially, politically and economically.

Ajo called upon all South Sudanese, companies, local and international non – governmental organisations and the Government of Southern Sudan to invest in the bank in order to support the economy.

The Deputy Governor of Southern Kordofan Abdalaziz Adam, one of the chief guests during the launch, said economic growth in the South is one the Sudan Peoples’ Liberation Movement (SPLM’s) missions for development in addressing issues of wealth, power and cultural values in the region.

Minister Athorbei said the Government of Southern Sudan has given people of the Nuba Mountains room to develop just like any other Southerner in the region.

“The GoSS Ministry of Finance will create a conducive environment for potential investors. The establishment of the MTDB is one of the achievements of the GoSS policy of encouraging local investment”. He said, while calling upon Nubians to be united in order to attain development.

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