At the 2022 South Sudan Oil and Power Conference, Kush Bank was clear on its commitment to doing more as a national bank to build linkages focused on bringing down the cost of financing international trade in the country and to building up partnerships with strong regional and global institutions to achieve this goal.
With this commitment, we are thrilled to announce that after several months of strong due diligence by the African Export-Import Bank (Afreximbank), Kush Bank PLC has been appointed as a trade finance intermediary (TFI) for Afreximbank in South Sudan. This appointment is a testament to our commitment to national development and supporting the growth of SMEs in the country.
As a TFI, we will work collaboratively with Afreximbank to implement trade finance tools such as Letters of Credit, Bank Guarantees, and de-risking tools, all aimed at opening pathways for the business community in South Sudan to access global markets and goods as well as competitive prices for financial services. We will also take advantage of the open account trade facilitation capabilities of Afreximbank to be able to settle our obligations using their various Trade Payments Platforms.
Afreximbank is a pan-African multilateral financial institution established in 1993. The bank’s mission is to promote and finance African trade and exports and to help address the trade finance gap on the continent. Afreximbank has been doing some great work in the region of East Africa, and we are honored to be part of this effort.
Given that South Sudan is a young country with a high level of economically challenged households, low financial inclusion levels for women and youth, and limited access to financial services, SMEs struggle to access affordable financing, hindering their ability to grow and create jobs. The appointment of Kush Bank as the trade finance intermediary for Afreximbank in South Sudan is, therefore, a significant step forward in promoting economic growth and development in the country.
By providing SMEs, youth, and women with access to affordable financing and the support they need to manage their loans effectively, Kush Bank can play a crucial role in promoting financial inclusion and entrepreneurship, as well as driving economic growth and job creation in South Sudan.
We were clear at #SSOP22 in our commitment to growing financial support for women and youth-led businesses, particularly in areas such as service contracts in the energy sector, which are a driving force for strong economic growth in our nation. To do that, we need to provide clear and affordable financial services and tools; partnering with Afreximbank, South Sudan, and Kush Bank will benefit in moving this agenda forward.
At Kush Bank PLC we also handle project financing and offer advisory services in energy, agriculture, and other sectors. If you are an SME in South Sudan and need financing for your business development, we invite you to bank with us or talk to us about your financing needs. We are here to help you succeed and make a positive impact on the country’s economy.
In conclusion, we are proud to be associated with Afreximbank and to have been appointed as their Trade Finance Intermediary in South Sudan. We believe that this appointment will help us achieve our mission of supporting national development and promoting economic growth in the country.
