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EBRD grants UIB $ 10 million trade finance line.

(TAP) - The European Bank for Reconstruction and Development (EBRD) has provided a $ 10 million trade finance line (around 24.26 million dinars) to the "Union Internationale de Banque" a subsidiary of "Societe Generale, the Bank said in a statement Thursday.

The trade finance line will allow UIB to issue guarantees in favour of confirming banks and provide cash financing for pre-export and post-import financing as well as for local distribution, it said.

Technical cooperation projects will accompany this trade finance facility, to transfer know-how and share best practices in trade finance.

"We are very pleased to welcome UIB to our Trade Facilitation Programme (TFP), which will boost cross-border trade in the country, reaching out to Tunisian exporters and importers as well as contributing to overall economic growth," Antoine Salle de Chou, Head of the EBRD office in Tunisia was quoted as saying in the statement.

"This second deal expands our partnership with the EBRD and is in line with our ambitious growth strategy for the corporate and SME market for 2017-20. It will allow us to raise to a new level our recognised expertise in trade finance and our support for companies expanding their international trade. It will benefit our current and future clients, as well as the Tunisian economy," said UIB Director General Kamel Neji.

Launched in 1999, the EBRD's Trade Finance Programme aims to promote foreign trade to, from and among the countries in which the EBRD invests. Through the Programme, 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 EBRD's TFP currently includes 96 partner banks in 26 countries where the EBRD invests, with limits exceeding e1/41.5 billion in total and more than 800 confirming banks worldwide.

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Publication:Agency Tunis Afrique Press
Date:Sep 7, 2017
Words:309
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