(SD) – The Minister of foreign Affairs of the federal Government of Somalia, Abdisaid Muse stated that his administration is planning to grant a license to the Bank of Egypt.

In an interview with Sharook News of Egypt, the minister stated that the Central Bank of Somalia’s board of directors will issue a license for Bank of Egypt to operate in Somalia within this month.

The Bank of Egypt was first established by private investors in the early decades of the 20th century but was later nationalized by the Egyptian government in 1960.

According to the minister, the Somali government has completed the banking licensing process and the bank of Egypt will be the first foreign bank to initiate operating in Somalia.

The Minister of Foreign of the federal government of Somalia, Abdisaid Muse urged the Egyptian population to initiate and increase their investment in Somalia, noting that the country is in dire need of professionals to rebuild the country’s economy.