NBE-Sudan Eyes Foreign Trade Transactions of EGP1.3bn in 2014

Big 5

In Sudan, the National Bank of Egypt (NBE) plans to boost its volume of international trade transactions to EGP 1.3 billion by end of the current year, said Head of Sudanese office Osama El Messeiry.

According to the banking official, NBE, the biggest state-owned bank, is keen to strengthen means of mutual cooperation between Egypt and Sudan, through increasing the size of trade transactions and joint investments.

As the bank is completing its second year of success in Sudan, NBE-Sudan has managed so far to register size of international trade transactions of around EGP one billion, he noted.

Moreover, El Messeiry stated that NBE’s Khartoum branch has successively allured volume of deposits of EGP 307 million approximately. NBE-Sudan has an ambitious plan for more expansions to have fresh branches in the country, seeking to provide banking services to all citizens nationwide.

El Messeiry further referred that NBE-Sudan has contributed to financing multiple key industries in the country, notably sectors of agriculture, iron industry, electric cables, durable goods, oils, poultry in addition to importing wheat and medicines.

In October 2012, the NBE obtained approval from Egypt’s central bank to establish a presence in Sudan with founding capital of $50 million.