New Egyptian-Sudanese bank to be founded in Egypt

The National Bank of Egypt reached an agreement with Sudan to establish an Egyptian-Sudanese bank with US$50 million in capital, said Tareq Amer, head of the National Bank. The bank will be located in the northern part of Egypt.

Amer pledged that the bank would open soon.

During a meeting organized by the Canadian Chamber of Commerce late Wednesday, Amer said a branch of the same bank, with capital of US$12 million, would be established in the south of the country. He assured that the bank would encourage cooperation with Sudan and additional investment in Egypt.  

Meanwhile, Amer said the Egyptian economy faces difficult problems like the recession and depletions in foreign cash, especially with the recent plunge in tourism.

Amer stressed the importance of supporting tourism by improving security to boost foreign investment in Egypt. “How could foreign investment return to what it was when Egyptians themselves are afraid of investing?”

Rumors that Egypt’s banking sector is helping to smuggle money abroad only aim at destabilizing the economy, Amer added.

Transactions are executed five days after banks receive the request in order to ensure money is not smuggled.

Translated from the Arabic Edition

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