KENYA PLANNING TO SET UP BANKS IN SOMALIA
Kenyan banks could soon venture into Somalia following the signing of a bilateral agreement with Mogadishu on cooperation in financial regulation, investments and security, reported Kenyan daily, The Daily Nation.
This comes after Somalia’s Foreign Minister Abdusalam Omer and his Kenyan counterpart Amina Mohamed signed a Joint Commission on Cooperation Agreement, a deal that seeks to address gaps in immigration, security, banking, trade and other areas.
“Kenya and Somalia are strong allies and partners. More importantly, the agreement will have the mandate to plan and implement bilateral programs for cooperation between the two brotherly states,” Mr Gamal Hassan, Somalia’s Ambassador to Nairobi, told the Sunday Nation on Friday.
It was the first time such an agreement was being entered into since Somalia was embroiled in a civil war, even though a deal agreement on a limited number of issues was signed during the transitional government in 2005, said the report.
Ms Mohamed said the deal had taken into account recent developments between the two countries, like the end of the Transitional Federal Government in 2012, increasing threat of Al-Shabaab and the need to expand economic ties.