United Gulf Bank and Arab Trade Financing Program (ATFP) have signed an agreement in Abu Dhabi. The credit line granted to UGB amounts to US$20mn to be utilised in financing Arab trade.

With the opening of this line of credit, the number of lines of credit provided by the programme to the national agencies in Bahrain has reached 17 lines with a total value of US$247mn.

The Arab Trade Financing Program (ATFP), established in 1989, is a specialised multi-Arab financial institution with a mission to contribute to the development of Arab trade and to the increase of the competitive capabilities of the Arab producers and exporters.

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (Kipco), manages a regional network of investment/asset management companies and commercial banks.