The European Bank for Reconstruction and Development (EBRD) has provided the Banque de Tunisie (BT) a $ 20 million trade finance line, the equivalent of 51.3 million dinars (MD) under the EBRD’s Trade Facilitation Programme (TFP).
According to a statement released on Monday, the trade finance line will allow to issue guarantees in favour of international commercial banks covering the commercial payment risk of the transactions undertaken by BT.
“We are very pleased to welcome Banque de Tunisie into the Programme,” said EBRD Managing Director for the Southern and Eastern Mediterranean region, Janet Heckman, adding that this “facility will help BT to support its Tunisian clients and allow international trade flows to grow, which will contribute to the overall economic growth of the country.”
For his part, Mohamed Habib Ben Saad, CEO of BT said this line will allow the bank to better support our customers in their international transactions in these difficult times of repeated falls in the national rating of Tunisia.
“It will also contribute to strengthening the Bank of Tunisia’s international trade finance activity, an activity that has already been honoured at the CommerzBank Trade Finance Awards in 2017,” he added.
The trade finance programme, launched by the EBRD in 1999, promotes foreign trade to, from and among the countries in which the Bank 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.
Launched in 1999, the trade finance programme, which now includes 97 partner banks in 27 EBRD countries of operation, aims to promote foreign trade to, from, and between these countries of operations.
Through this program, the EBRD also offers guarantees to international banks and short-term loans to certain banks for on-lending to local exporters, importers and distributors.
The TFP currently includes 97 partner banks in 27 economies where the EBRD invests.
Since September 2012, when EBRD operations began in Tunisia, the Bank has invested €678 million in 33 projects in the country.
Supporting regional development outside Tunis is a special priority for the Bank and the EBRD therefore opened a second office in October last year, in Sfax.
-Tunis Daily News