CREDIT BANK OF MOSCOW develops cooperation with Egyptian banks
CREDIT BANK OF MOSCOW has closed its first transaction with Commercial International Bank (Egypt) guaranteeing obligations of a major Russian agricultural holding to Egypt’s General Authority For Supply Commodities. This transaction supports export of Russian grains and enables the Russian supplier to bid in Egyptian grain supply tenders.
According to the Federal Customs Service, Russian export to Egypt reached USD 6.2 bln in 2017, which is 64.36% more than in 2016. This growth was mostly driven by cereals. The Bank’s products help exporters to get financing and eliminate non-payment risks.
«Supporting agribusinesses and developing international business are priorities for CREDIT BANK OF MOSCOW. The Bank offers a number of export support services to Russian grain traders: confirmation and discounting of export letters of credit, pre-export financing, non-recourse export factoring, etc. Our credit limits with foreign financial institutions allow us to promptly make international transactions for our customers,» — noted Alexander Kaznacheev, Deputy Chairman of the Management Board of CREDIT BANK OF MOSCOW.
Commercial International Bank (Egypt) was established in 1975. This is the biggest private sector bank in Egypt offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net worth individuals. Commercial International Bank (Egypt) has been continuously recognised as best trade finance provider in Egypt and best bank in Egypt by numerous credible international magazines and professional financial resources.