The World Bank has approved a $129 million grant for South Sudan.
The World Bank has granted another 129 million dollars in assistance to enhance access to economic and livelihood possibilities for South Sudan’s most disadvantaged families.
The funds also seek to improve the functioning of the country’s national safety net system.
The International Development Association’s funding comprises $25 million from the 2019 window for host communities and refugees, as well as $30 million from the crisis response window.
According to a statement obtained by NCMP, the funding would be used to fund South Sudan’s productive safety net for the socioeconomic chances initiative.
“This fresh funding will assist the government in progressively establishing a nationally owned safety net program,” the Bank said.
The project is a four-year operation that intends to build on the experiences of previous programs that helped set the groundwork for South Sudan’s safety net system.
According to the World Bank, recent economic shocks like floods, the covid-19 epidemic, violence, and macroeconomic uncertainty have disproportionately affected poor families and exacerbated existing vulnerabilities in South Sudan.
“It will also assist sustain the country’s predictable and trustworthy national safety net system and boost public confidence in national institutions,” according to the statement.
The initiative will be conducted in 15 of the 79 counties in the nation.
The 129 million dollar award, according to the international financial organization, would aid in smoothing consumption and raising expenditures in child nutrition and development.
This will be accomplished via complementing social measures and behavior change communication, with a focus on gender and climate change adaptation.
South Sudan has one of the world’s greatest youth bulges, with over 72 percent of the population under the age of 30.
Due to restricted economic prospects, the country’s youth face serious livelihood issues.
The World Bank’s International Development Association, or IDA, was founded in 1960 to assist the world’s poorest nations by giving grants and low- to zero-interest loans for economic development projects and programs.
Other goals include reducing poverty and improving the lives of the disadvantaged.
According to the World Bank, the IDA has granted almost 460 billion dollars to 114 countries since its inception.
The World Bank also allocated 120 million dollars in March of this year to enhance the capacity of local communities in 12 of the country’s 79 counties.