Ministry of Investment welcomes lifting ban on the Bank of Khartoum, says it opens widows for investment
17 May, 2011
Khartoum, May 17 (Sudanow) - The Sudanese Ministry of Investment has welcomed an American decision, April this year, lifting the Bank of Khartoum from its list of economic and financial ban; a ministry senior official said the move would help attract investors to the Sudan .
"This is a positive move and would open the widows before the bank and before our National Economy to attract yet more foreign investors to the country and gives more confidence to investor san to regional and international funding institutions on investment opportunities in t he Sudan" Undersecretary at the Ministry of Investment , Awad al Karim Balla, told the official Sudan Media Centre on Tuesday.
According to the ministry of investment, the decision would allow investors transfer their capitals and their revenues easily and make any other transactions, easily.
The Bank of Khartoum, with 17 branches in the capital and 33 branches nationwide Bank, is the largest Bank in Sudan. established as the Anglo-Egyptian Bank during the Anglo-British rule, in 1913, the bank merged with The People's Cooperative Bank (Bank Misr in 1983, ten year later in 1993, it merged with the both the Unity Bank (Othman Bank) and the National Export and Import Bank, ten years later in 2002, the bank became a private Limited Company under the name Bank of Khartoum, and in 2005 the Dubai Islamic Bank (Strategic Partner) became the major shareholder, holding 60% of Government's shares in the Bank. In February 2008, the Bank of Khartoum and Emirates and Sudan Bank have merged into one bank, the largest in the Sudan. The new bank retained the name of Bank of Khartoum.
It is to be noted that in late 1997, the US Congress passed into law a bill that placed economic sanctions on the Sudan. But after the signing of the Comprehensive Peace Agreement CPA, the United States decided to gradually reconsider those sanctions on condition that the agreement be fully implemented.
Director General of Bank of Khartoum, Fadi Al Faqeeh said that the US lifting of sanctions on the Bank of Khartoum will help the Bank attract more foreign investments and carry out more foreign deals.
The lifting of the embargo came amid intensive efforts with US Office of Foreign Asset Control over the past three years, he said.
"Removing the Bank from the list of sanctions will work positively for the Sudanese economy and banking system as well" Director General of Bank of Khartoum, Fadi Al Faqeeh, said.
End
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