A high-level delegation from South Sudan, led by Addis Ababa Othow Akongdit, the first deputy governor of the Bank of South Sudan, embarked on a visit to the headquarters of the Central Bank of Egypt (CBE) in Cairo from July 30 to August 3. This visit was executed as part of a memorandum of understanding inked between the two central banks in 2021.
During the visit, the South Sudanese delegation, accompanied by a contingent of World Bank experts, engaged in fruitful discussions with central bank governor Hassan Abdalla. The focus of the discussions centered on reinforcing South Sudan’s banking capabilities and supervisory expertise through knowledge sharing and collaboration with Egypt. Key areas of interest included banking supervision, risk management, payment systems, financial inclusion, banking legislation, anti-money laundering measures, and strategies to combat the financing of terrorism.
The South Sudanese delegation’s itinerary encompassed visits to several prominent Egyptian financial institutions and entities, facilitating a comprehensive exploration of potential areas of cooperation. Noteworthy destinations included the Egyptian Banking Institute (EBI), where officials discussed avenues for collaboration in training, capacity development, and enhancing the banking workforce in South Sudan.
Additionally, the delegation delved into the activities of the Egyptian Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) Unit, engaging in productive exchanges with the board of trustees’ chairperson. A visit to the Egyptian Financial Regulatory Authority’s (FRA) headquarters in the Smart Village offered insights into the crucial role of FRA in monitoring the non-banking financial sector. The delegation’s tour further extended to the Egyptian Banks Company (EBC) and the Egyptian Credit Bureau (I-Score), where potential synergies were explored.
The visit underscores the commitment of both nations to fostering collaboration in the banking and financial domains, leveraging shared knowledge and experiences for mutual growth and development.
