Egyptian banks to open branches in Africa in upcoming period

Egyptian banks will open branches in all African countries within the coming period in order to help Egyptian businessmen to open wider trade areas and contribute to boosting trade movement between Egypt and the continent's countries, said Central Bank of Egypt (CBE) Governor Hesham Ramez.

In exclusive statements on the sidelines of his participation in third COMESA-EAC-SADC Tripartite Summit, which is currently being held in Sharm el Sheikh, Ramez said that branches of the Egyptian banks will be opened in African countries upon directives from the CBE in order to make use of Egypt's signing of the free trade agreement with the three economic blocs, which was signed today in Sharm el Sheikh and in the presence of President Abdel Fattah El Sisi.

The presence of the Egyptian banks in Africa directly will help in studying the projects which will be implemented by the Egyptian businessmen more accurately in these countries, he added.