EBRD and Al Mansour Bank for Investment boost trade finance in Iraq
Iraq, Aug. 18 -- The European Bank for Reconstruction and Development (EBRD) is providing a trade finance limit of up to US$ 75 million (€65 million) to Al Mansour Bank for Investment (MBI), one of Iraq's leading private-sector banks.The facility is being provided under the EBRD's Trade Facilitation Programme (TFP) and will offer guarantees and cash advances to support MBI's trade finance activities. It will help facilitate import and export transactions for Iraqi businesses by covering political and commercial payment risks associated with cross-border trade.The facility will help MBI expand its trade finance business, strengthen its correspondent banking network and increase the availability of trade finance in Iraq, where access to...
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