File Photo/Somali Times
The Minister of Foreign Affairs of the Federal Government of Somalia, Abdisaid Muse, has said that his government is planning to grant a license to The Bank of Egypt.
In an interview with Egypt’s Sharook News, the minister said that the Central Bank of Somalia’s Board of Directors will issue a license to Banque Misr Bank of Egypt to operate in Somalia this month.
According to the minister, the Somali government has completed the banking process and will be the first foreign bank to operate in Somalia. The Minister of Foreign Affairs of the Federal Government of Somalia,
Abdisaid Muse, urged the Egyptian people to increase their investment in Somalia, noting that the country is in dire need of professionals to rebuild the country’s economy.
The Bank of Egypt was established in 1920 by private investors but was later nationalized by the Egyptian government in 1960.