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Somalia has approved its first foreign banks in decades.



Somalia declared on Sunday that it has granted banking licenses to two foreign institutions, allowing the country to attract international investment for the first time in decades.

The Egyptian bank Banque Misr and the Turkish bank Ziraat Katilim are thus the first foreign banks to be permitted to operate in Somalia, according to a statement issued by the Somali Central Bank.

The institution stated that “the evaluation of these two banks’ applications has been the subject of a lengthy procedure of several months,” the institution stated, adding that they had been given the go-ahead to open and operate branches.

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