The Bank of South Sudan recently launched the Strengthening South Sudan’s Financial Sector (3SF) initiative, a USD 18 million project aimed at enhancing the country’s financial system. Over the next 5 years, the project will focus on strengthening the institution and supervisory capacity of the Bank of South Sudan, as well as improving core financial sector infrastructure.
The main goals of the project include investing in regulatory strengthening, formulating financial sector policies, establishing a banking and financial institute, and providing technical assistance and capacity building for BoSS staff. BoSS Governor Dr. James Alic Garang emphasized the importance of modernizing South Sudan’s financial systems through this initiative.
World Bank Country Director for South Sudan, Sudan, and Ethiopia, Maryam Salim, highlighted the project’s focus on upgrading the Bank’s IT infrastructure and enhancing regulatory and supervisory frameworks. The project also aims to combat money laundering and terrorism financing, while promoting financial integrity and transparency.
By strengthening these critical aspects, the project aims to create a more secure and transparent financial sector, essential for attracting investment, fostering economic growth, and protecting against financial crime.