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UN experts say South Sudan is close to securing a $13 billion oil-backed loan from a UAE company

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U.N. experts say South Sudan is close to securing a $13 billion loan from a company in the United Arab Emirates, despite the oil-rich country’s difficulties in managing debts backed by its oil reserves

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Hamad Bin Khalifa Department of Projects, registered in Dubai, has no listed phone number and its website isn’t working. An email address associated with the company bounced back. The UAE Mission to the United Nations declined to comment, saying Hamad is a private company. South Sudanese Information Minister Michael Makuei Lueth told reporters in February that outside factors, including the civil war still raging in Sudan, have hurt South Sudan’s oil exports. He also said oil wells, which were water-logged by heavy floods during the past rainy season, weren’t yet fully operational.

When the panel wrote its report, the tribunal had not reached a decision on how much the government would have to pay, but The Sudan Tribune reported Sunday that South Sudan has been ordered to pay more than $1 billion. U.N. experts say that South to securing a $13 billion (12">South Sudan's president warned lawmakers “not to cling to power just weeks after his former rival turned deputy proposed a further postponement of elections.

 

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