Orascom Telecom's Bank is to be opened in North Korea

Orascom Telecom known as the Moddle East's biggest wireless company opened Ora Bank in Pyongyang, North Korea. Ora Bank is a joint venture between Orascom Telecom and North Korea's state-owned Foreign Trade Bank. This deal can be considered significant because it was done one day after Orascom became the first mobile-phone company to invest in the Stalinist state. This bank is to work in the presence of Chairman and Chief Executive Officer Naguib Sawiris. 

According to a company official which desired to stay unknown, Ezzeldine Heikal, who is also head of Koryolink, Orascom's North Korean mobile-phone network, was appointed president of the bank. 

Orascom Telecom is known for its investments in one of the world's most isolated countries. It is a part of its strategy. The company tries to make up for a slowdown in Pakistan and Bangladesh. It is noted that Orascom joins OAO Russian Railways and Emerson Pacific Group among a handful of companies in reclusive North Korea, where the economy has been ravaged by famine and U. S. sanctions over its nuclear program. 

According to Marcus Noland of the Peterson Institute for International Economics this financial deal is a big event, especially for North Korea, because its current banking system is virtually non-existent. Moreover, it is encouraging that Orascom Telecom didn't fear to tread and have business with North Korea like many other financial institutions did.