Bank Audi gets $75 million trade finance line from EBRD
The European Bank for Reconstruction and Development (EBRD) said it has signed an agreement to provide a $75 million trade finance line to Bank Audi.
The deal, which is part of the EBRD’s Trade Facilitation Programme, aims to support import and export activities, especially of small and medium-sized enterprises (SMEs) as well as intra-regional trade.
“The accord will allow Bank Audi to benefit from EBRD trade finance guarantees which cover the political and commercial payment risk of trade transactions,” the EBRD said in a statement.
The two sides signed a deal last November under which the EBRD grants Bank Audi financing of $100 million for green projects in addition to technical assistance.
The EBRD acquired a 2.5 percent stake in Bank Audi earlier this year.
In 2017, Lebanon joined the EBRD’s Southern and Eastern Mediterranean (SEMED) region, which includes Egypt, Jordan, Morocco, and Tunisia. The EBRD has invested more than €8.2 billion ($9.3 billion) in 196 projects across the SEMED region over the last six years.
Reported by Shikrallah Nakhoul
Date Posted: Dec 12, 2018