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

By EDITH M. LEDERER
Associated Press

UNITED NATIONS (AP) — 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. The panel of experts says in a report to the U.N. Security Council that loan documents it has seen indicate that the deal would be South Sudan’s largest-ever oil-backed loan. The experts monitor an arms embargo against South Sudan. The oil section of their report obtained by The Associated Press this week says that “servicing this loan would likely tie up most of South Sudan’s revenue (for) many years, depending on oil prices.”