Banque du Caire, Uzbekistan National Bank join hands to support Egypt exports
Egyptian state-run lender Banque du Caire and the National Bank of Uzbekistan (NBU), one of the largest investment institutions in the country, signed on Wednesday a cooperation agreement.
The cooperation aimed at boosting Egypt’s exports by tapping into new markets of the Commonwealth of Independent states (CIS), which include Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.
The agreement allows direct dealing between the two lenders without the need for an intermediary bank. Banque du Caire, one of the largest banks in Egypt, will act as the guarantor for the Egyptian exporters, financier for importers of Egyptian products.
Upon the agreement, the Egyptian bank will also cover all commercial transactions between the two countries.