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Türkiye’s Ziraat Bank 1st international bank to open branch in Somalia in 50 years

BAIDOA, SomaliaTürkiye’s Ziraat Katilim Bank opened its first branch in Somalia’s capital Mogadishu on Sunday, making it the first international bank to open a branch in the Horn of Africa nation in 50 years.

Türkiye’s Ziraat Katilim Bank

Somali Prime Minister Hamza Abdi Barre met with Ziraat Katilim Bank executives as well as Turkish Ambassador to Somalia Ibrahim Mate Yagli in the capital Mogadishu on Monday and thanked the bank for boosting business ties between Somalia and Türkiye.

Barre also urged the bank leaders to invest in Somalia’s natural resources.

The bank opening is “a testament to the success of the reforms of Somalia’s finance sector, further enhancing opportunities for investment and development,” Somalia’s Central Bank said in a statement.

Abdirahman Mohamed Abdullahi, the Central Bank governor, hailed the bank opening as a “historic moment for all of us.” He added: “We anticipate the new bank will add value to the development of Somalia’s financial sector and contribute to the growth of our economy.”

The new branch is expected to offer a wide range of corporate banking services to businesses, international institutions, and development partners.

The Central Bank last year granted Ziraat Katilim Bank of Türkiye a license to establish branch in Somalia.

Ziraat Katilim is a state-owned participation bank, a member of Ziraat Finance Group, which operates in 20 different countries with 15 subsidiaries and 27 branches abroad.

Source: AA

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