Economy News

Establishment of Cooperative Bank approved

Marial BenjaminThe Council of Ministers on Friday approved the establishment of Cooperative Bank of South Sudan.

 

The Council agreed that the bank will be a joint venture with the Kenyan Cooperative Bank. The report was presented to the council by the Minister of Agriculture and Forestry, Betty Ogwaro.

Speaking to journalists after the meeting, the Minister of Information Benjamin Marial said: "This is to provide products and services to the general public of South Sudan. It gives the Republic of South Sudan 49% and the Cooperative Bank of Kenya 51%".

Marial said after three years, the bank would give up some shares for members of the public to buy.

"Three years later, the Cooperative Bank of Kenya will give 11% of the shares to the general public and also the Cooperative Bank of South Sudan will be giving various cooperative banks in South Sudan some shares. This has been approved today."

The council has also approved the establishment of a national food strategy to address food shortages.

The strategy will spell out policies that would be used to deal with food insecurity and encourage agricultural development.

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