The European Bank for Reconstruction and Development (EBRD) has presented Commercial International Bank (CIB)-Egypt with the award for the “Most Active Issuing Bank in Egypt” under the EBRD’s Trade Facilitation Programme (TFP) in a special ceremony held in London. CIB-Egypt was selected for this prestigious award in recognition of its outstanding commitment to support the Egyptian economy and its distinctive efforts to better serve and meet the trade finance needs of its customers.
Mr Hossam Rageh, Financial Institutions Group Head at CIB-Egypt, said: “We are honoured to receive this award, which is an evidence of our commitment to support the Egyptian trade in partnership with the EBRD. CIB is keen on further growing this relationship to include areas of cooperation addressing current needs and future challenges of the Egyptian economy.”
The TFP awards ceremony is held on an annual basis to honour its most successful partner banks, including CIB-Egypt, who is Egypt’s largest private sector bank. CIB-Egypt only joined the TFP as an issuing bank in December 2014 but within a short period of time it has become very active under the programme, conducting numerous transactions.
Philip ter Woort, Head of EBRD Operations in Egypt, said: “We congratulate CIB on this highly deserved recognition. CIB’s determination to support trade finance even in challenging times has been impressive and we are pleased that this is now being honoured with this award.”
In June 2015, the EBRD increased its trading facility limit to CIB-Egypt to US$ 100 million from US$ 50 million. This was the EBRD’s response to a strong and growing market demand to further support cross-border trade in Egypt.
Launched in 1999, the TFP aims to promote foreign trade to, from and amongst the EBRD’s countries of operations and offers a range of products to facilitate this trade. Under the programme, the EBRD not only provides guarantees to international confirming banks, taking the political and commercial payment risk of international trade transactions undertaken by banks in the countries of operations (the issuing banks), but it also grants short-term loans to select banks and factoring companies for on-lending to local exporters, importers and distributors. To date, the EBRD has supported over 18,400 transactions totalling more than €12.8 billion.