Last Updated January 18, 2008
Ahli United Bank has become the first bank in Egypt to join the IFC's global trade finance programme as an issuing bank.
The scheme aims to promote trade with emerging markets, and under the terms of the scheme the IFC provides guarantee coverage of bank risk in emerging markets, allowing participating banks to expand their trade finance business.
An increasing number of banks in the Middle East and North Africa are now benefiting from this programme. Saba Islamic Bank in Yemen joined the programme in 2007, and has used the IFC to provide a trade line to a Yemeni food industry to import equipment required to produce baby food. It was the first operation of its kind in the country.
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