Banque Misr to open representative office in Somalia

Cairo – 26 April 2017: Banque Misr plans to open a representative office in Somalia to enhance bilateral economic and trade relations between Cairo and Mogadishu, Banque Misr’s chairman, Mohamed el-Etreby said Wednesday in a meeting with a number of Somali businessmen in Cairo.

Etreby said that his bank will set up a new office in the coming period, with no mention of a specific time, pointing out that Banque Misr will assist in training the employees working in the six Somali banks operating in Egypt.

Today’s meeting was also attended by Deputy Governor of the Central Bank of Egypt (CBE), Gamal Negm, Chairperson of the National Bank of Egypt (NBE), Hisham Okasha and Chairman of Banque du Caire, Mounir El Zahid .

NBE’S Chairman, Hisham Okasha, said that the Egyptian exports to Somalia amounted to $44.3 million (EGP 800 million), while Somalia’s exports to Egypt stands at $1.5 million.

He added that the Nile Company for Investment, owned by NBE, Banque Misr and Banque du Caire, will discuss trade and economic cooperation between the two states.
Maysa el-Refai, the person responsible for Somalia file at the Industry Ministry, revealed that an Egyptian businessmen trade mission along with a number of Egyptian officials will visit Mogadishu in May to explore new investment and trade opportunities.