The European Bank for Reconstruction and Development (EBRD) has announced $20 million support towards boosting international trade in Egypt.The trade facility is channelled through Barclays Bank Egypt under the EBRD's Trade Facilitation Programme (TFP), according to a release issued by the EBRD headquarters in London on Wednesday.
With the provision of this facility, the EBRD will issue guarantees in favour of international commercial banks covering political and commercial payment risk of the transactions undertaken by Barclays Bank Egypt, the statement says.
Philip ter Woort, the EBRD's Director for Egypt, commented: We are very pleased to welcome Barclays Bank Egypt into the EBRD's trade facilitation programme.
He explained that under the trade finance facility, EBRD would help Barclays Bank Egypt to extend its support to its Egyptian clients allowing Egypt's international trade flows to grow which would contribute to the overall economic growth in Egypt.
Ed Marks, Managing Director at Barclays Bank Egypt, described the country's partnership with EBRD as a strong testimony for the positive outlook both organizations have with regards to the enormous potential of the trade industry in Egypt.