National Bank of Egypt poised to open office in Addis

Ethiopian, Egyptian business associations sign partnership agreement

The National Bank of Egypt is poised to open office here which will serve new and existing Egyptian projects in Ethiopia, diplomatic sources told The Reporter.

“The National Bank of Egypt is currently holding talks with the National Bank of Ethiopia on the possibilities of opening office here, which was proposed by the head of an Egyptian business delegation which visited the country a couple of months ago,” said the sources who declined to be named because they are not entitled to provide information to the press. “This bank will be financing Egyptian projects currently active in Ethiopia and open credit lines for new ones.”

The branch office is expected to enhance the bilateral relationship between the business communities of the two countries and encourage new Egyptian investment in Ethiopia, the sources said.

An Egyptian business delegation led by the Egyptian Prime Minister Ahmed Nazif, which this week visited Ethiopia reaffirmed the position of the bank to open an office here, according to the sources.

The Egyptian business delegation has signed a Memorandum of Understanding (MoU) for the establishment of a joint business council between the Ethiopian Chamber of Commerce and Sectoral Associations and the Egyptian Businessmen’s Council.

According to the MoU, the objective of the joint business council is "to enhance trade and investment relations between the two countries, contribute to industrial and technological collaboration and coordinate joint efforts to collect, analyze, evaluate and diffuse information in relation to trade, industrial and technological cooperation to the benefit of the two nations".

The latest Egyptian business delegation, which came to Ethiopian to explore new business opportunities, is comprised of 120 business representatives engaged in the manufacturing, construction and agro-business sectors, among others.

By Hayal Alemayehu & Dawit Taye - EthiopiaReporter