National Bank of Egypt inaugurated in Sudan

Sudan's Vice President Ali Osman Taha and Egyptian Prime Minister Hesham Kandil inaugurated the branch of the National Bank of Egypt (NBE) in Khartoum on Thursday. Taha said: "The inauguration of the bank is beneficial for the banking sector in both countries.” He pointed out that the Sudanese-Egyptian relations will experience a huge increase. PM Kandil said that Sudan and Egypt were facing challenges, which require cooperation between both countries to overcome them. He said: "The meeting between Morsi and al-Bashir confirmed the necessity that the concerned institutions in both countries take effective actions in order to put into effect what has been agreed." Kandil said that the opening of the National Bank of Egypt in Sudan as well as the road that links the two countries will improve their relations. The Chairman of the bank in Khartoum Sabir Mohamed Hassan said that this will achieve economic benefits for both sides the Sudanese and Egyptians. He said: "The heads of the Sudanese and Egyptian government bet on the Bank's role in serving common interests.” Moreover, Saber considered that the presence of the bank in Sudan is the strongest evidence of the recovery of the Sudanese economy. He added: " 90 percent of the bank employees will be Sudanese according to the instructions of the Central Bank of Sudan. Nevertheless, the first stage involves Egyptian experience." The bank's general manager, Ahmed Laithi expressed his hope that the bank occupies a leading position in the Sudanese banking sector. He said: "The National Bank of Egypt will be the starting point for investments between the two countries, trade and funding of agricultural and industrial projects. The presence of the bank in Sudan will help attract Egyptian investors to establish strategic partnerships with the Sudan."