A Dubai Firm Pledged $13 Billion for 20 Years of South Sudan Oil [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
South Sudan in exchange for repayment in oil, making it one of the largest ever oil-for-cash deals and the latest such intervention in a struggling African country. According to an unpublished report by a United Nations Security Council-appointed panel of investigators reviewed by Bloomberg, the Dubai-based Hamad Bin Khalifa Department of Projects, or HBK DOP, and South Sudan's then-finance minister Bak Barnaba Chol appear to have agreed to the terms of the loan in documents signed between December and February. The deal amounts to almost double the GDP of South Sudan, which has been ravaged by famine and conflict, and 70% of the funds are earmarked for infrastructure, according to the documents seen by the investigators. But a loan of this size — about five times the country's current external debt — also would likely tie up most of South Sudan's oil revenues for many years, the unpublished report says. For HBK DOP, which was founded by Sheikh Hamad Bin Khalifa Al Nahyan, a dis
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