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Al Ahli Bank of Kuwait - Egypt signs a USD 10 million Agreement with the European Bank for Reconstruction and Development (EBRD)

Cairo, Egypt; 15 November, 2017 - The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international trade with a US$ 10 million trade facility to Al Ahli Bank of Kuwait – Egypt (ABK - Egypt) under the EBRD’s Trade Facilitation Programme (TFP). ABK - Egypt is now one of eleven issuing banks under the programme in Egypt.

The EBRD’s TFP promotes foreign trade to, from and within the Bank’s countries of operations, including Egypt. Through the facility, the EBRD provides guarantees in favour of international commercial banks covering the commercial payment risk of the transactions undertaken by the ABK - Egypt. In addition, the EBRD will also offer additional limits and longer tenors for guarantee transactions that are expected to be used mainly for the import of machinery and equipment.

The signing ceremony took place at the Conrad Hotel in Cairo on the 14th of November 2017, where ABK-Egypt CEO & Managing Director, Mr. Khaled El Salawy, EBRD President, and Mr. Suma Chakrabarti, in the presence of Her Excellency Dr. Sahar Nasr, the Egyptian Minister of Investment and International Cooperation and senior executives representing both institutions, signed the agreement.

Commenting on the agreement signing, EBRD President, Suma Chakrabarti stated, “We are very pleased to welcome ABK - Egypt to our trade facilitation programme, which will allow the Bank to better meet the trade finance needs of their clients, and enhance trade contributing to the country’s overall economic growth.”

Khaled El Salawy, ABK - Egypt CEO & Managing Director commented, “capitalizing on our vast experience in Trade Finance activities and our large Global Correspondent Banks network, this cooperation with EBRD, will allow ABK – Egypt to further expand its Trade Finance operations to new untapped areas. Such valuable partnerships support the Bank’s in pursuing its proactive strategy to provide innovative Trade Finance solutions that meets our clients’ needs and helps them grow their business, , which stems from our commitment to become an active player in the banking sector in particular and support the Egyptian Economy in general.”

The EBRD’s Trade Facilitation Programme has been running since 1999. The TFP currently includes over 100 partner banks in 28 countries where the Bank invests, with total transaction value €15 billion, and more than 800 confirming banks worldwide.

 Egypt is a founding member of the EBRD and has been receiving funding since 2012. To date, the Bank has invested €3 billion in 66 projects in the country. The EBRD’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power,

 municipal water and wastewater services, and support for transport services. The Bank has also provided technical assistance to more than 500 small and medium-sized local enterprises.

It is worth mentioning that Al Ahli Bank of Kuwait – Egypt (ABK) has entered the Egyptian banking market through the acquisition of Piraeus Bank Egypt in 2015, as part of the Group plan in Kuwait to expand in the region and boost the competitiveness of the bank in addition to providing additional value to customers and shareholders.