Trade with Sudan and common currency, Nile Basin countries promising
Egypt-Sudan, Economics, 8/16/2004

An agreement has been recently reached between the Ministry of Irrigation and a delegation of senior officials and representatives of non-governmental organizations (NGOs) from the Sudanese Upper Nile province.

The purpose of the agreement is to create a model farm on 150,000 feddans of land int Sudan for growing high-quality crops needed by the two countries.

The accord came during discussions of the Joint Higher Committee for Egyptian-Sudanese Integration.

The First Undersecretary of the Foreign Ministry Sayed Abul Qomsan has expressed his optimism about future integration and trade exchange between Egypt and its southern neighbour.

He noted that there is great economic potential among the Nile Basin countries, whose trade with the rest of the world exceeds US $70 billion per year.

To enhance trade exchange among these countries, businessmen and officials in the countries' joint committees have suggested creating a joint bank with the help of the 10 countries' governments, in order to finance joint Nile Basin projects.

They have also requested creating joint trade companies, as well as others for maritime, river and air transport, along with a commercial insurance company.

Abul Qomsan has stressed the need for a detailed plan in order to achieve all this, given the tremendous potential of these countries, especially Egypt and the Sudan.

Quoted by Al-Akhbar newspaper, he referred to the importance of creating highways between Egypt and the Sudan similar to the road that connects Egypt with Libya and the rest of North Africa, in order to facilitate the transportation of goods between the two states.

As for joint projects with Sudan, economics expert Abdel Sattar Abdel Maged referred to the fact that Sudan shares its border with no fewer than seven African countries other than Egypt and Libya, which obviously boosts Sudanese exports.

Abdel Magad argued that further integration with the Sudan can be achieved by encouraging the creation of small and medium-sized business projects (SMEs) between Aswan and Wadi Halfa; establishing joint banks to extend credit to such businesses and striking a common currency to be known as the Nile pound.

In fact, many Egyptian and Sudanese businessmen have welcomed the idea of a common currency.

The other Nile Basin countries are also interested in suggesting the Nile Central Bank mint a new currency in the same way that the European Central Bank has minted the Euro for the countries of continental Europe.

Previous Stories:
  Khartoum welcomes visit of Egyptian Defense Minister   (8/14/2004)
  Egypt: Efforts under way to curb internationalization of Darfur crisis   (8/10/2004)
  Egyptian aid continues into Darfur   (8/10/2004)
  Sudanese Minister: Road to Egypt to be completed in 22 months   (6/19/2004)
  Egyptian-Sudanese company to develop River Nile course   (6/19/2004)
  Egypt-Sudan joint investments to manufacture furniture, vehicles   (4/13/2004)

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