Somalia to license Bank of Egypt this month- Foreign Minister

Somalia is on the course to licence the Bank of Egypt to operate in the country, Foreign Affairs Minister Abdisaid Muse has said.

Muse said in an interview with Shorouk News, an Egyptian news website that the board of Somali Central Bank will this month issue a license to Banque Misr (Bank of Egypt) to operate in Somalia

According to the interview, Muse said the Somali government had completed the procedures to licence the Egyptian bank which will become the first foreign licensed bank to operate in Somalia.

Muse also urged Egyptians to increase their investment in Somalia noting the country was in dire need of professionals in various fields to rebuild the country’s economy.

Bank of Egypt was founded in 1920 by private investors but later nationalised by the Egyptian government in 1960.