AHLI UNITED BANK SIGNS US $30 MILLION AGREEMENT WITH THE ARAB TRADE FINANCING PROGRAM
Ahli United Bank B.S.C. (AUB), one of the Kingdom’s leading banking institutions, has signed an agreement with the Arab Trade Financing Program (ATFP) which will allow the bank to extend ATFP’s credit facility of US $ 30 million to its customers to support foreign trade flows.
Signing on the agreement were Dr. Jassim Al Mannai, Chairman and CEO, ATFP and Adel El Labban, Group CEO and Managing Director, AUB. Also present on the occasion was Sherif Abdel Khalek, Director of Trade Development, ATFP. The signing ceremony took place at AUB’s Seef headquarters.
Under the terms of the new agreement ATFP will refinance the credit extended by AUB to its eligible customers in Bahrain. AUB will, therefore, be able to assist the growth of the export-oriented manufacturing and services sectors in Bahrain.
The Abu Dhabi- based ATFP, a specialized financial institution launched by the Arab Monetary Fund, has done extensive work around the Middle East region to develop and promote trade in Arab countries and improve the competitive capabilities of Arab exporters. In order to effectively achieve this objective, the ATFP appoints designated national agencies, in the form of reputed, financial institutions through which they can operate, thereby extending their services to a wider audience.
“AUB is pleased to be associated with the ATFP, an institution that has been pivotal to the increase in trade in the Gulf countries. Working together with the ATFP, AUB will be able to further promote the Kingdom’s commerce and industry by financing and encouraging local exports to the rest of the Arab world and beyond,” said Adel El Labban, Group Chief Executive Officer and Managing Director, Ahli United Bank.
“The partnership between AUB and the ATFP will help exporters to manufacture and market goods abroad efficiently. Our hope is that the resulting increase in foreign trade will have a ripple effect; and positively affect all aspects of the local economy,” added Mr. El Labban.