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Leaders of global and regional institutions pledge political support and major new financial assistance for countries in the region, totaling more than $8 billion over the coming years. UN Secretary-General Ban Ki-moon, the World Bank Group (WBG) President, Jim Yong Kim, as well as the President of the Islamic Development Bank Group and high level representatives of the African Union Commission, the European Union, the African Development Bank, and Intergovernmental Agency for Development (IGAD) are combining forces to promote stability and development in the Horn of Africa. The initiative covers the eight countries in the Horn of Africa -- Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, and Uganda.

The lack of Sudanese banks in South Sudan is an impediment to trade between the two countries which could potentially reach a volume of $2 billion annually, according to the general manager of Sudan’s Export Development Bank (EDB) Mohammed Rashid Mohammed Salem. Therefore, he called for the swift signing of cooperation protocols between the central banks in Khartoum and Juba which would allow for a Sudanese banking presence in South Sudan. The Sudanese banker emphasised the readiness of the EDB to contribute to the development of trade and exports to South Sudan in order to support the banking system there.

Sudan and South Sudan have agreed, as a part of peace discussions, to cooperate on banking and monetary policy, which could help boost trade between both countries after decades of civil war. According to the official statements, any commercial bank will have access to other country's banking market through foreign bank license, and also both central banks will cooperate more tightly in order to stabilize monetary policy and keep inflation under control.

See more under: http://english.ahram.org.eg/NewsContent/3/12/54350/Business/Economy/Suda...