The European Bank for Reconstruction and Development (EBRD) is stepping up its support for Egypt’s exporters and importers with a US$ 20 million trade facility to EGBANK under the EBRD’s Trade Facilitation Programme (TFP).
The trade finance line will allow EGBANK to issue guarantees in favour of international commercial banks, covering the commercial payment risk of the transactions undertaken by EGBANK. The EBRD will also provide cash financing for pre-export and post-import financing.
EBRD President Suma Chakrabarti, said: “We are very pleased to team up with EGBANK 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.”