The alleged agreement, negotiated on the sidelines of the COP28 climate change summit in December, would see the Hamad Bin Khalifa Department of Projects (HBK DOP) lend South Sudan the money in exchange for discounted oil supplies over two decades.

This is according to a copy of the term sheet seen by Sudans Post and an unpublished U.N. report.

Speaking to reporters following a weekly cabinet meeting in Juba on Friday, deputy information and communication minister Jacob Mijok Korok dismissed the reports as “social media allegations” that don’t require comment.

“There is nothing credible about $13 billion or whatever this figure is. It’s circulating on social media,” Korok told reporters after the meeting shared by President Salva Kiir Mayardit.

The term sheet, however, states that the agreement was signed on Dec. 28 by former finance minister Bak Barnaba and HBK DOP chairman Hamad Bin Khalifa Al Nahyan.

It remains unclear if the initial $5.24 billion tranche of the loan has been received.

Bloomberg reported that under the deal, South Sudan would receive $10 less per barrel of oil compared to the international benchmark.

The U.N. document cited by Bloomberg states that 70% of the loan would be directed towards infrastructure projects in South Sudan.

HBK DOP has previously been involved in a halted bid to buy a stake in Beitar Jerusalem Football Club due to concerns over Sheikh Khalifa’s finances.

The company also partnered with Israeli businessmen and a military intelligence unit in 2020 for a cybersecurity venture in the UAE.

The United Arab Emirates (UAE) has emerged as a leading investor in Africa, with a recently announced $35 billion commitment to cash-strapped Egypt.

This deal involves development rights for a special economic zone on the Mediterranean coast.