EBRD injects $50m in trade facility for Egypt

The European Bank for Reconstruction and Development (EBRD), announced it is supporting the expansion of international trade in Egypt by providing a $ 50 million trade facility to the Commercial International Bank under its Trade Facilitation Programme.

A statement from the EBRD headquarters in London, on Thursday, explained: "Under this facility the EBRD will issue guarantees in favour of international commercial banks, covering political and commercial payment risks for transactions made by Commercial International Bank."

Hildegard Gacek, the EBRD’s Managing Director for the Southern and eastern Mediterranean (SEMED), said: “The EBRD will help Commercial International Bank to extend its support to its Egyptian clients allowing Egypt’s international trade flows to grow, which will contribute to overall economic growth in Egypt.

Hisham Ezz Al-Arab, Chairman and Managing Director of CIB, said partnership with the EBRD is in line with CIB’s commitment to support the Egyptian economy and underpin its growth.