With the attendance of high ranking officials at Crédit 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 Crédit Agricole-Egypt François-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 Crédit Agricole to provide more support to its clients and will help the country’s economic growth.”

The press release from Crédit 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 €1.5 in total, and more than 800 banks worldwide