Cabinet Approves $2 Billion Gold-Backed Road Project

Cabinet approves $2 bln gold-backed roads deal amid graft concerns - Radio Tamazuj

South Sudan’s Council of Ministers has approved a $2 billion road construction deal backed by the country’s gold reserves, a move officials described as historic, amid ongoing concerns over corruption and opaque resource-backed infrastructure schemes. The cabinet approved the deal Friday in a sitting presided over by President Salva Kiir. Information Minister Ateny Wek Ateny said the government granted a sovereign guarantee to Shamrock Global Gr…

Cabinet approves $2 billion gold-backed road project

The Council of Ministers has approved a USD 2 billion road development project, the largest investment in South Sudan’s road infrastructure to date, backed by the country’s gold reserves. The announcement followed a cabinet meeting on Friday chaired by President Salva Kiir Mayardit, according to a statement from the Office of the President. The funding will target the construction and upgrading of several major roads, including Juba–Yei–Kaya and…