Trust fund offers grants to 200 entrepreneurs

The World Bank’s Board of Executive Directors recommended Tuesday that a 75 million dollar trust fund be established to help provide infrastructure, health care and employment for the people of South Sudan.

The trust fund will improve rural access by supporting a project to provide 1,400 km of feeder roads in areas with high agricultural potential. In addition, the trust fund will help create jobs through grants to 200 entrepreneurs, increasing outreach to women entrepreneurs, and building up a micro-finance client base of 30,000 individuals.

The trust fund will also help extend the development gains generated by the Multi-Donor Trust Fund-Southern Sudan (MDTF-SS), administered by the World Bank over the last six years. The MDTF-SS has funded the rehabilitation of roads, built schools, provided bed nets, increased food production, and trained local government officials in key functions, among other things.

The territory voted in a peaceful referendum in January 2011 to separate from Sudan, and is expected to become independent on July 9 this year. The bank’s board has sent its recommendation to the bank’s governors for their approval.

The 75 million dollars will be provided from IBRD funds, and will be made available to South Sudan in the first few months after independence. South Sudan has applied for membership to the World Bank Group, which is working closely with the IMF to ensure that the joint processes can be completed as quickly as possible. Once the new nation attains membership, it will likely become eligible for IDA resources.

Source: World Bank press release