The International Finance Corporation (IFC), a member of the World Bank Group, announced on Tuesday that it has expanded its partnership with Ahli United Bank Egypt (AUBE). IFC stated in an official statement that the partnership aims at boosting cross-border trade and facilitating the access to international markets for local businesses.
The international organisation noted it will “increase its current trade financing support to AUBE fourfold, allowing the bank’s clients to tap into global trade channels. That will help Egyptian businesses expand, create jobs, and contribute to the economic development of the country.”
AUBE chief executive officer and managing director Nevine El Messeery said that the bank has recently increased its “trade finance” activities.
“Further expansion of the business with IFC’s help will strengthen our position as one of the key players in the Egyptian market, and enhance our ability to support Egypt’s needs for strategic commodities during challenging times,” El Messeery added.
IFC country manager for Egypt, Libya and Yemen Nada Shousha explained that forming a link between the local and global markets will assist smaller firms in improving competitiveness while growing their businesses in addition to creating needed jobs.
The partnership is part of the IFC Global Trade Finance Programme (GTFP), which offers support to banks as they deliver trade financing in challenging markets.
On Saturday, IFC signed a similar agreement with AlexBank, which was also part of the GTFP.
“We believe that this agreement will help promote business in lucrative new markets, reduce trade-related risks, and generate substantial economic growth,” said Roberto Vercelli, acting CEO of AlexBank.
Since 2011, IFC has invested almost $1bn in Egypt and mobilised $303m from other investors to support private sector development.