European Bank for Reconstruction and
Development (EBRD) has resolved to provide a new US$ 50 million trade
facility to Banque Misr, Egypt.
Development (EBRD) has resolved to provide a new US$ 50 million trade
facility to Banque Misr, Egypt.
The facility is under the EBRD’s Trade
Facilitation Programme (TFP) to support the expansion of international
and intra-regional trade in Egypt.
Facilitation Programme (TFP) to support the expansion of international
and intra-regional trade in Egypt.
Through this facility the EBRD will issue
guarantees in favour of international commercial banks covering the
political and commercial payment risks of the transactions undertaken by
Banque Misr as well as provide financing for
export and import transactions.
guarantees in favour of international commercial banks covering the
political and commercial payment risks of the transactions undertaken by
Banque Misr as well as provide financing for
export and import transactions.
The EBRD will also provide technical
assistance to enable Banque Misr staff working in trade finance to
receive training in the latest international best practices.
assistance to enable Banque Misr staff working in trade finance to
receive training in the latest international best practices.
Launched in 1999, the TFP aims to promote foreign trade to, from and among the countries where the EBRD invests.
Through the programme, the EBRD provides
guarantees to international confirming banks and short-term loans to
selected banks and factoring companies for on-lending to local
exporters, importers and distributors.
guarantees to international confirming banks and short-term loans to
selected banks and factoring companies for on-lending to local
exporters, importers and distributors.
The TFP currently includes over 100
partner banks in 29 countries where the Bank invests, with limits
exceeding €1.5 billion in total, and more than 800 confirming banks
worldwide.
partner banks in 29 countries where the Bank invests, with limits
exceeding €1.5 billion in total, and more than 800 confirming banks
worldwide.
Egypt is a founding member of the EBRD.
To date, the Bank has invested over €4.4 billion in 86 projects in the
country since it began investments there in 2012. The Bank has also
provided technical assistance to more than 750
small and medium-sized local enterprises.
To date, the Bank has invested over €4.4 billion in 86 projects in the
country since it began investments there in 2012. The Bank has also
provided technical assistance to more than 750
small and medium-sized local enterprises.
