Mubasher: The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international and intra-regional trade in Egypt, providing a new $50 million trade facility to Banque Misr.
The finances to Egypt are under the EBRD’s Trade Facilitation Programme (TFP), which aims to promote foreign trade to, from and among the countries where the EBRD invests, the bank said in a press release on Thursday.
Through the programme, the bank 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.
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, and it will also provide technical assistance to enable Banque Misr staff working in trade finance to receive training in the latest international best practices.
