The European Bank for Reconstruction and Development (EBRD) is stepping up its support for Egypt's exporters and importers following signing on Thursday a US$50 million trade facility to Crédit Agricole Egypt under the EBRD's Trade Facilitation Programme (TFP). The TFP promotes foreign trade to, from and within the EBRD's countries of operations, including Egypt. Through the facility, the EBRD will issue guarantees in favour of international commercial banks covering the political and commercial payment risk of the transactions undertaken by Crédit Agricole Egypt. This cooperation is the first of its kind signed between EBRD and Crédit Agricole Egypt. "This facility will allow them to provide additional support to their Egyptian clients, contributing to the country's overall economic growth." Philip ter Woort, EBRD Director for Egypt, said "Today, we celebrate the launch of a fruitful cooperation with our partner, the EBRD. It reflects our belief in the Egyptian economy and its growth opportunities. It is also aligned with our aim to become the reference European bank in Egypt, bringing more facilities for the benefit of our clients and the Egyptian business community." François-Edouard Drion, Chairman and Managing Director of Crédit Agricole Egypt, said. This cooperation would result in major accomplishments, adding more strength to Crédit Agricole Egypt's leading position and enabling the bank to further support the needs of its clients, who always come on top of our priorities." Drion added. Launched in 1999, the TFP is the platform through which 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 120 partner banks in 25 countries where the Bank invests, with limits exceeding €1.5 billion in total and more than 800 confirming banks worldwide. The EBRD has invested over €1.8 billion in Egypt through 34 projects since the start of its activities in the country at the end of 2012. The Bank's areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services and contributions to the upgrade of transport services.
