Bank of Alexandria, IFC Ink Agreement to Finance Foreign Trade

Bank of Alexandria ( Bank Of Intesa Sanpaolo Group )‎ signed an agreement with the International Finance Corporation(IFC) as a part of Global Trade Finance Program (GTFP) that financed with US$5 billion in order to enhance foreign trade , create job opportunities and to encourage the economic development in Egypt.

This support which provided from IFC will help the bank’s clients to enter fresh trade markets and to provide more job opportunities as well as enhancing the capacities of banks for financing the trade, as it will support guarantees for regional and global banks so as to cover the risks of payments.

Mr. Roberto Vercelli, Vice Chairman & Managing Director of Bank Of Intesa Sanpaolo Group asserted that Egypt plays an important role in the global trade market, noting that this partnership will support the Egyptian economy , encourage several projects in order to allure investments and to attain huge economy.

IFC committed to invest nearly US$1 billion in Egypt since January25 uprising to support the development of the sector, US$303 million joint loans with other investment parties, Strengthening trade is considered a pillar of IFC’s strategies in Egypt, and GTFP is working with more than 265 banks across worldwide.