Ahli United Bank Opens EGP100 Letters of Credit for Food Companies

Ahli United Bank – Egypt approved to open letters of credit worth EGP 100 million in favour of local food firms working in field of supplying flour and macaroni products, a source from the bank told Amwal Al Ghad.

In 2013, Ahli United Bank agreed to open L/Cs at value of US$2 billion for the state-run General Authority for Supply Commodities (GASC) as well as some other food companies to finance importing of food commodities, the source added.

The source further said the bank had been supporting several vital sectors in the country, including foodstuffs, pharmaceutical and petroleum products. Ahli United has managed to allure prominent clients in the trade market.

Opening L/Cs lasts shortly between three to six months, the source added, asserting that the bank has successively expanded in opening letters of guarantee and of credit as well as documentary collections (D/Cs) by virtue of its network of correspondents abroad.