LONDON, July 23 -- The European Union'sEuropean Bank for Reconstruction and Development issued the following news release:
The European Bank for Reconstruction and Development is supporting the expansion of international trade in Egypt by providing a US$ 20 million trade facility to Barclays Bank Egypt under the EBRD's Trade Facilitation Programme (TFP).
Through this facility the EBRD will issue guarantees in favour of international commercial banks covering political and commercial payment risk of the transactions undertaken by Barclays Bank Egypt.
Philip ter Woort, the EBRD's Director for Egypt said: "We are very pleased to welcome Barclays Bank Egypt into the EBRD's trade facilitation programme. Under the trade finance facility, EBRD will help Barclays Bank Egypt to extend its support to its Egyptian clients allowing Egypt's international trade flows to grow which will contribute to the overall economic growth in Egypt."
Ed Marks, Managing Director at Barclays Bank Egypt said: "Our partnership with EBRD is a strong testimony for the positive outlook both organizations have with regards to the enormous potential of the trade industry in Egypt. As we continue to believe in the Egyptian economy and the great opportunities it presents, we continue to invest in our business and develop partnerships to benefit both our business and the communities in which we operate."
Amr El Shafei, Head of Corporate Banking for Barclays Egypt and Interim Corporate Regional Head for Egypt, Kenya & Tanzania stated: "Barclays appreciates EBRD's generous support to issue guarantees in favour of international commercial banks as this facility will help maintain Barclays' corporate goal of becoming the 'Go-To' Bank and trade partner for its customers in Egypt.
El Shafei added "Barclays has a strong footprint in 12 African countries and is expanding into two more and that the above facility will help increase trade flows and business growth between Egyptian customers and their existing and prospective counterparts in these markets."
Launched in 1999, the TFP aims to promote foreign trade to, from and among the EBRD's countries of operations. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors.
The TFP currently includes over 100 partner banks in 23 countries where the Bank invests, with limits exceeding Euros1.5 billion in total, and more than 800 confirming banks worldwide.
To date, the EBRD has committed Euros474 million through 12 projects in Egypt in various sectors. Through EBRD's Small Business Support programs, the Bank has also initiated 140 technical assistance capacity building support programs directly benefitting Egyptian SMEs.
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