The United Nations Development Programme (UNDP) and the Cooperative Bank of South Sudan have signed a landmark agreement in Juba to expand access to financial services for farmers and rural enterprises, a move officials say could significantly transform the country\u2019s agricultural economy.<\/p>\n
The partnership falls under the multi-donor Rural Enterprise and Agricultural Development (READ) project and will focus on expanding credit access, improving financial literacy, and strengthening agricultural cooperatives across seven counties.<\/p>\n
\u201cThis agreement represents a transformational step in strengthening South Sudan\u2019s rural financial systems,\u201d said Caroline Mwongera, Country Director for the UN\u2019s International Fund for Agricultural Development (IFAD), which is overseeing a major grant for the initiative. She spoke during Friday\u2019s signing ceremony.<\/p>\n
The seven-year READ project is backed by a $20 million IFAD grant, with additional funding from the Government of South Sudan ($1.4 million), Cooperative Bank ($1.8 million), UNDP ($1.4 million), and local communities ($700,000).<\/p>\n
Mwongera said the project aims to reach about 162,000 beneficiaries\u2014half of them women and 70% youth.<\/p>\n
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Evans Kenyi Solomon, a technical adviser at the Ministry of Agriculture, said the program places cooperatives at the center of rural development efforts.<\/p>\n
\u201cYouth and women empowerment is not a side agenda,\u201d Solomon said. \u201cIt is the engine that drives peace, prosperity, and resilience in this country.\u201d He added that cooperatives serve as \u201cthe bridge that connects farmers to inputs, markets, and finance.\u201d<\/p>\n
Cooperative Bank Managing Director Elijah Wamalwa said the partnership marks the culmination of years of planning.<\/p>\n
\u201cA journey of a thousand miles begins with one step,\u201d he said. \u201cToday marks that step because we have finally agreed to walk this journey together.\u201d<\/p>\n
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Wamalwa said the bank\u2019s focus will be expanding credit and financial services to rural communities. \u201cWe want a future where a farmer in Nimule or Torit can access credit as easily as someone in Juba,\u201d he noted, adding that the bank plans to grow its agency banking network and develop a mobile-based financial platform.<\/p>\n