(JUBA) – South Sudan has launched a World Bank financed project aimed at strengthening the country’s financial sector and building the capacity of the Bank of South Sudan. The initiative, known as the South Sudan Strengthening the Financial Sector Project (3SF Project), is supported by an $18 million grant from the International Development Association, equivalent to about 82.8 billion South Sudanese Pounds (SSP) at the current exchange rate of $1 to SSP 4,600.
The project began on 1 December 2023 and is scheduled to run until 27 September 2028. It seeks to improve the institutional and supervisory functions of the Central Bank and enhance the efficiency of the country’s core financial sector infrastructure. The Project Implementation Unit, housed within the Bank of South Sudan, is responsible for delivery. The project is directed by Mr Atem Bul Malang.
According to project documents, the 3SF Project is organised into four main components. The first component focuses on formulating financial sector policies. This involves developing a national financial sector strategy and roadmap, as well as building the capacity of Central Bank staff to design and implement policy.
The second component is centred on institutional strengthening of the Bank of South Sudan. This includes improving supervisory and regulatory oversight, establishing the South Sudan Institute of Banking and Finance, and receiving technical assistance to apply International Financial Reporting Standards.
The third component targets the development and modernisation of financial infrastructure. Plans include upgrading the Core Banking System and strengthening the effectiveness of the Financial Intelligence Unit, which plays a central role in combating financial crime.
The final component covers project management and coordination. This ensures that reporting, monitoring, and evaluation systems are in place to track progress, as well as providing the necessary support for effective delivery.
The World Bank and South Sudanese authorities have described the initiative as a vital step in developing a safe, stable, and inclusive financial sector.
The project is expected to help build public trust in the banking system and improve access to financial services across the country by supporting stronger oversight, modern systems, and the adoption of international standards.
The 3SF Project comes at a time when South Sudan is seeking to diversify its economy, stabilise its currency, and attract private investment.
South Sudan 3SF Project Components
| Component | Focus Area | Timeline | Expected Outcomes |
|---|---|---|---|
| Formulating Financial Sector Policies | Develop financial sector strategy and roadmap, build capacity of Bank of South Sudan staff | 2023–2025 | Clear national strategy for financial sector stronger policy making capacity |
| Institutional Strengthening of Central Bank | Improve supervisory and regulatory oversight, establish South Sudan Institute of Banking and Finance; implement International Financial Reporting Standards (IFRS) | 2024–2028 | Stronger Central Bank oversight, professional training institute established, banks adopt international standards |
| Development and Modernisation of Infrastructure | Upgrade Core Banking System, enhance Financial Intelligence Unit capacity | 2024–2027 | More efficient banking operations, improved monitoring of financial transactions, better anti-money laundering measures |
| Project Management and Coordination | Support project management, monitoring, evaluation and reporting | 2023–2028 | Transparent and effective project delivery, progress tracked |
