The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international trade with a $10m trade facility to Al Ahli Bank of Kuwait-Egypt (ABK-Egypt) under the EBRD’s Trade Facilitation Programme (TFP). ABK-Egypt is now one of 11 issuing banks under the TFP in Egypt.
Through the facility, EBRD provides guarantees in favour of international commercial banks covering the commercial payment risk of the transactions undertaken by ABK-Egypt. EBRD will also offer additional limits and longer tenors for guarantee transactions that are expected to be used mainly for the import of machinery and equipment.
Khaled El Salawy, CEO and managing director of ABK-Egypt, commented, “Capitalising on our vast experience in trade finance and our large network of global correspondent banks, this cooperation with EBRD will allow ABK-Egypt to further expand its trade finance operations to new untapped areas.”
Photo caption: Sir Suma Chakrabarti with Egyptian Minister of Investment and International Cooperation Sahar Nasr; Khaled El Salawy, CEO of Al Ahli Bank of Kuwait-Egypt; and Tarek Abdou, deputy CEO of Al Ahli Bank of Kuwait-Egypt