In light of EG Bank’s efforts that focus on supporting exporters and importers, EG Bank signed a $20mn trade facility agreement with EBRD under its Trade Facilitation Programme (TFP) in a ceremony attended by EG Bank CEO Nidal Assar and EBRD President Suma Chakrabarti.
The trade finance line will allow EG Bank to issue guarantees in favour of international commercial banks, covering the commercial payment risk of the transactions undertaken by EG Bank. EBRD will also provide cash financing for pre-export and post-import financing.
EG Bank CEO and Managing Director Nidal Assar said, “We are honored and appreciative of the cooperation with EBRD that aims at fostering our trade finance business, fulfilling the needs of our clients, and giving us the opportunity to expand our investments in major, lucrative markets.”
EBRD President Suma Chakrabarti said, “We are very pleased to team up with EG Bank and welcome it to our Trade Facilitation Programme. This facility will boost cross-border trade in the country, reaching out to Egyptian exporters and importers, as well as contributing to overall economic growth.”