Egyptian banks participate in the Implementation Program of Financing Arab Trade
Regional, Business, 9/10/1997

10 Egyptian banks will participate in the Implementation Program of Financing Arab Trade (IPFAT), which is a subdivision of the Arab Monetary Fund. The Egyptian banks will finance the commercial transactions for a substantial commission. The list of banks includes the Arab Investment Bank, the National Bank (Societe General), Arab Egyptian African Bank, Egypt Iran for Development Bank, Commercial International Bank, Egypt International Bank, Bank of Alexandria, the Egyptian National bank, Banque Misr, and the Egyptian Bank for Export Development.

To benefit from this program, the commercial transactions must deal with Arab commodities exported from an Arab to another Arab country, the local components must not be less than 40%. The program may be used in importing the raw materials necessary for the production. It could be also used for a non-Arab commodity on condition that it is exported to an Arab country.

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