Tunisia’s Amen Bank has secured two trade finance agreements with the European Bank for Reconstruction and Development (EBRD) to support local companies and increase international trade.

The EBRD will cover the political and commercial payment risks of Amen’s transactions, as well as offer short-term trade finance cash advances for on-lending to the bank’s clients involved in international trade.

“This will help local businesses access global markets which in turn will spur economic growth in the country,” says president of Amen Bank Ahmed el Karm.

EBRD’s Tunisia head, Marie-Alexandra Veillux says: “Under this facility, the EBRD will enhance the capacity of Amen Bank to support more Tunisian exporters and importers and increase the volume of trade between Tunisia and other countries.”

“This is essential at a time when Tunisia needs trade finance in order to pursue export-led growth for its economic advancement. Such transactions underline our commitment to Tunisia,” she adds.

Amen bank is the first of Tunisia’s financial institutions to join the EBRD’s trade facilitation programme, which promotes and facilitates international trade throughout Central and Eastern Europe, CIS and the south and east Mediterranean area.