Africa-Press – South-Sudan. The National Bank of Egypt (NBE) has officially opened its first branch in Juba, bringing the number of foreign banks in the market to more than seven.
It was inaugurated by Vice President for Economic Cluster, Dr James Wani-Igga yesterday.
“We are happy that the bank is going to improve the relationship between the two sisterly countries in terms of trade, economic development, and many other things,” Dr Igga said.
“The people of South Sudan should find this as an opportunity to celebrate.”
Recognised as one of the biggest banking institutions in Egypt, the lender intends to strengthen the relationship between Juba and Cairo, by facilitating bilateral trade and political and economic development between the two countries.
The bank will also offer opportunities to hundreds of jobless nationals and improve the country’s economy, according to the Chairperson of the Board of Directors of the bank Mr Hisham Okasha.
“Our presence in Juba is pivotal to being a hub within Africa.” It is a good time to stand for Africa’s economy and Africa to collaborate. We have a lot of resources; we need to have more value-added out of those resources.”
Following the September 2018 revitalised peace deal that ushered in relative peace and security, South Sudan has in recent years been attracting foreign investors from the region and international.
The inauguration of the National Bank of Egypt has just added to a number of the foreign and joint venture banks flourishing in the country including Ecobank, Kenya Commercial Bank, Equity, and Ethiopia Commercial Bank, among others.
Established in June 1898, the National Bank of Egypt has branches across Africa including Ethiopia, Sudan, Johannesburg, and, Libya well as in New York, Shanghai, London, and Dubai.
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