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Add to Preferred SourcesThe European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international trade by the West Bank and Gaza with a US$ 2 million trade facility to Cairo Amman Bank Palestine under the EBRD’s Trade Facilitation Programme (TFP).
Under the agreement, Cairo Amman Bank Palestine will become an issuing bank and will receive the EBRD’s trade finance guarantees to support the import and export activities of local companies.
Kamola Makhmudova, Senior Banker at the EBRD, said: “It is a privilege to sign the first EBRD trade finance line in the West Bank and Gaza. As we welcome Cairo Amman Bank Palestine into our network we look forward to offering unique capacity-building projects and finance for international trade transactions.”
A technical assistance package, financed by the EBRD’s West Bank and Gaza Trust Fund, will support Cairo Amman Bank Palestine to strengthen its skillsets and competitiveness in trade finance.
Launched in 1999, the EBRD’s Trade Facilitation Programme aims to promote foreign trade to, from and among the economies in which the EBRD invests. 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 97 partner banks in 27 economies, with limits exceeding €1.5 billion in total and more than 800 confirming banks worldwide.
Original source: EBRD
Published on 31 July 2018