EBRD boosts Trading Facility for Egypt’s CIB to $100mn

The European Bank for Reconstruction and Development (EBRD) said Monday it would increase its trading facility limit to Egypt’s largest private sector bank, Commercial International Bank (CIB), to US$100 million from US$50 million.

EBRD said in a statement it was increasing the limit to promote import and export activities.

“Through the programme, the Bank provides guarantees to international … banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations.”

EBRD said CIB had become a very active user of the trade facility programme since joining in December 2014.

It said the trading facility limit was increased in response to growing market demand to promote cross-border trade in Egypt.

Source: Reuters