The European Bank for Reconstruction and Development (EBRD) is stepping up its support for Egyptian exporters and importers with a $40m trade facility to Emirates NBD Egypt under EBRD’s Trade Facilitation Programme (TFP).
Through the facility, EBRD provides guarantees in favour of international commercial banks, covering the commercial payment risk of the transactions undertaken by Emirates NBD Egypt. EBRD will also offer additional limits and longer tenors for guarantee transactions, which are expected to be used mainly for the import of machinery and equipment.
Sir Suma Chakrabarti, EBRD President, said, “We are delighted to welcome Emirates NBD Egypt to our Trade Facilitation Programme, which will further support cross-border trade in the country, as well as contribute to overall economic growth.”
Giel-Jan M. Van Der Tol, CEO of Emirates NBD Egypt, said, “The Trade Facility Programme further enriches our partnership with EBRD, which dates back to February 2017 with our flagship agreement—the pioneering $125m subordinated loan.”