Commercial International Bank’s Foreign Trade Finances Up To US$ 1.5 Bln

The Commercial International Bank’s (CIB) portfolio of foreign trade finances reached US$ 1.5 billion at the end of last August, sources said.

The bank deals with 180 foreign correspondent banks which did not refuse to provide letters of credit or letters of guarantee amid or after the revolution, despite the economic unrest and political turmoil that Egypt has witnessed in this period.

Sources expected the bank’s portfolio of foreign trade finance to reach US$ 1.7 billion by the end of the current fiscal year. The bank finances all foreign trade activities, sources affirmed.