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Credit Agricole-Egypt signs $50m cooperation agreement with EBRD.

With the attendance of high ranking officials at Credit Agricole-Egypt and the European Bank of Reconstruction and Development (EBRD), a cooperation agreement worth $50m was signed for a trade facilitation programme (TFP) on Thursday.

Chairperson and managing director of Credit Agricole-Egypt Francois-Edouard Drion, said that this agreement is reflective of the bank's belief in Egypt's economy and its ability to be revived with such growth opportunities.

EBRD director for Egypt Philip Ter Woort said: "the [TFP] will allow Credit Agricole to provide more support to its clients and will help the country's economic growth."

The press release from Credit Agricole Egypt said: "TFP is the platform through which the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors."

The release added that TFP currently has 120 bank partners in 27 countries, where the banks invest with limits exceeding e1/41.5 in total, and more than 800 banks worldwide

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Publication:Daily News Egypt (Egypt)
Geographic Code:7EGYP
Date:Sep 29, 2016
Words:176
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