The European Bank for Reconstruction and Development (EBRD) is guaranteeing a US$20mn trade facility for Barclays Bank Egypt to support its trade expansion in North Africa.
The EBRD will provide guarantees to banks covering political and commercial payment risks of Barclays Bank Egypt transactions. Under the facility, the EBRD hopes to support Barclays’ Egyptian clients: increasing the country’s international trade flows and contributing to overall economic growth.
Managing director of Barclays Bank Egypt, Ed Marks, says: “The trade industry in Egypt has enormous potential. The EBRD partnership is a strong testimony for the positive outlook both our organisations have with regards to Egyptian prosperity.”
Barclays intends to become the ‘go-to’ bank and trade partner for customers in Egypt, says head of corporate banking for Barclays Egypt and interim corporate regional head for Egypt, Kenya and Tanzania, Amr El Shafei. “The facility will help increase trade flows and business growth between Egyptian customers and their existing and prospective counterparts in these markets,” he adds.
Barclays now has a strong footprint in 12 African countries.