The European Bank for Reconstruction and Development (EBRD) is stepping up its support to Egyptian exporters and importers by increasing financing available under its Trade Facilitation Programme (TFP) to Commercial International Bank by US$ 50 million to US$ 100 million.
The EBRD's Trade Facilitation Programme promotes foreign trade to, from and within the EBRD countries of operations, including Egypt. Through the Programme, the Bank provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations.
Commercial International Bank, the leading private sector bank in Egypt, provides international trade finance services to many Egyptian enterprises. Commercial International Bank joined the TFP as an issuing bank only in December 2014 but within a short period of time has become very active under the programme conducting numerous amounts of transactions. The TFP limit increase is the EBRD’s response to a strong and growing market demand to further support cross-border trade in the country.
The TFP currently includes over 100 partner banks in 23 countries where the Bank invests, with limits exceeding €1.5 billion in total, and more than 800 confirming banks worldwide.
To date, the EBRD has committed €634 million across 18 projects in Egypt in various sectors. Under the EBRD’s Small Business Support programmes, the Bank has also provided 185 technical assistance and capacity-building support programmes, which directly benefit small and medium-sized enterprises in Egypt.
Commercial International Bank (CIB), established in 1975, is the leading private sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net-worth individuals. The Bank strives to provide clients with superior financial solutions to meet all of their financial needs. CIB has succeeded in becoming the most profitable commercial bank operating in Egypt for more than 35 years and is the bank of choice for over 500 of Egypt’s largest corporations.
For more information please visit: www.cibeg.com