IFC, a member of the World Bank Group, today signed a trade finance agreement with AlexBank, part of an effort to boost cross-border trade, create jobs, and spur economic development.
IFC’s support will help the bank’s clients expand into new markets, allowing them to grow their businesses and create jobs. The initiative is part of IFC’s $5 billion Global Trade Finance Program, which helps banks extend support in areas where trade can be challenging. It offers global and regional banks guarantees covering payment risks for trade-related transactions. The program also helps local banks establish partnerships with major international and regional banks within the program’s network.
“Egypt is a key player in the global trade market, and we are very pleased about the prospects of partnering with IFC to help drive the Egyptian economy,” said Roberto Vercelli, Acting CEO of AlexBank. “We believe that this agreement will help promote business in lucrative new markets, reduce trade-related risks, and generate substantial economic growth.”
Since the inception of the Global Trade Finance Program in 2007, IFC has provided almost $4 billion in guarantees across the Middle East and North Africa. It committed over $1 billion in the last fiscal year alone.
“When the right financial services are available, trade will flourish,” said Nada Shousha, IFC Country Manager for Egypt, Libya, and Yemen. “In such challenging times, extending crucial financial services becomes vital for spurring growth, stimulating the transfer of skills, and creating jobs in Egypt and the wider region.”
Since 2011, IFC has committed almost $1 billion in Egypt, and mobilized $303 million from other investors to support private sector development. Promoting trade is a pillar of the organization’s strategy in the country. The Global Trade Finance Program works with more than 265 partner banks worldwide.
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