Egypt’s PM Urges Opening BanqueMisr Branch in Somalia

CAIRO – 21 April 2019: Egypt’s Prime Minister Mostafa Madbouli urged opening a branch of Banque Misr in Somalia, as it will have positive repercussions on trade and financial transactions between the two countries. 

Banque Misr is an Egyptian bank founded by industrialist Talaat Harb in 1920. 

This came during a Sunday meeting in Cairo with Somali Foreign Minister Ahmed Isse Awad, Assistant Foreign Minister for African Affairs Ambassador Abu BakrHefny, and Somalia’s Ambassador to Egypt Abdul Ghani Mohamed Waeis. 

The Egyptian prime minister affirmed Egypt’s assistance to the Somali government, and highlighted the efforts aiming at achieving progress, and boosting security and stability across Somalia, Nader Saad, Egyptian Cabinet’s spokesman said. 

Madbouli also expressed readiness to meet the needs of the Somalia government regarding technical support, training and scholarships, in order to help Somali cadres who are capable of building their state to graduate. 

Moreover, Madbouli underscored the need to work to increase the volume of trade exchange between the two countries, especially through taking advantage of the livestock Somalia enjoys, and increasing Egypt’s imports of meat, the spokesman said. 

For his part, the Somalia foreign minister affirmed his country’s appreciation of its historic relations with Egypt, noting that Egypt has always supported Somali people throughout history. 

Awad said that Egyptians have sacrificed for the independence of Somalia. 

The Somalia minister praised the prime minister’s remarks about Egypt’s readiness to enhance support to the Somali people to achieve development, lauding the growing keenness of the Egyptian Foreign Ministry on strengthening cooperation with Somalia over the past few years. 

Awad affirmed that his country prioritizes cooperation with Egypt, and is working to strengthen cooperation between the business sectors of both countries, according to the spokesman. The minister added that Somalia relies on Egypt’s support for Somalia in international forums. 

Earlier on, Foreign Minister Sameh Shoukry asserted, during his meeting with his Somali counterpart Ahmed Isse Awad on Thursday, Egypt’s support for the stability of Somalia. 

Shoukry and Isse tackled means to boost bilateral ties in addition to a number of regional issues of mutual interest, Spokesman for the Foreign Ministry Ahmed Hafez said. 

Shoukry expressed Egypt’s keenness on supporting Somali government, asserting Egypt’s vision about the importance of the unity and integrity of Somalia’s territories and support to building national institutions. 

Shoukry also voiced Egypt’s readiness to boost trade exchange with Somalia. 

The meeting took up the role of the Egyptian Agency of Partnership for Development (EAPD) in transferring expertise and building Somali cadres. 

On regional issues, both ministers discussed the latest developments in Sudan and the Horn of Africa in addition to efforts exerted to combat terrorism. 

Isse praised the relations between Egypt and Somalia, appreciating Egypt’s role in supporting Somalia. 

At the end of talks, three memorandums of understanding were inked