Banque Du Caire Issues $60 Mln Letters of Credit For Crude Oil

Banque Du Caire has approved to provide $60 million  letters of credit for the Egyptian General Petroleum Corporation in order to export crude oil abroad.

An official source added to Amwal Al Ghad that the total foreign transactions which performed by the bank estimated at EGP 10 billion and the bank is targeting to make these transactions up EGP 20 billion by the end of 2013.

The bank has supported many vital sectors including, food, medicine, petroleum products, pointing out that the bank succeeded to attract many clients in the trade market as the financing foreign trade helps to expand marketing capacity throughout opening new markets inside the domestic products, source added.

The source added that the time of opening short-term letters of credit is ranging between 3 to 6 months, asserting that the bank has successively opened Letters of guarantee ,letters of credit and Bills Collection ,making the best use of the correspondents network abroad.