Sudan calls for stronger financial integration with Ethiopia

Feb 16, 2016

Sudan's Minister of Finance wants to see Ethiopian and Sudanese banks work together.

Sudan's Minister of Finance and Economic Planning Badr-Eddin Mahmoud Abbas has pleaded for stronger economic integration between Sudan and Ethiopia, the Sudan News Agency has learned.

During a meeting in Khartoum last week, he urged the governors of the central banks of Ethiopia and Sudan to provide all the necessary facilities to foster cooperation between banks.

In addition, Sudan's central bank governor Abdul-Rahman Hassan Abdul-Rahman called for the implementation of the Memorandum of Understanding signed between the two central banks in 2015, which provides for free trade zones between the two countries where all currencies recognised by the two states would be used.

It also allows for an increase in the number of correspondent banks in Sudan and Ethiopia, along with the opening of an Ethiopian Commercial Bank branch in Sudan to simplify transborder banking and commercial dealings.

Last year, the Sudanese president Omer al-Bashir said his country is determined to promote a shared strategic vision with Ethiopia to open cooperation in all fields.ADNFCR-2976-ID-801812640-ADNFCR