Arab Islamic Bank Raises International Trade Financing Ceiling with the European Bank for Reconstruction and Development to 10 Million Dollars

SadaNews Economy - The Arab Islamic Bank has raised the ceiling for international trade financing provided by the European Bank for Reconstruction and Development (EBRD) after securing an additional increase of 5 million US dollars, bringing the total ceiling to 10 million dollars. This move enhances its ability to support import and export activities in the Palestinian market.

This increase is part of the Trade Facilitation Program (TFP), which aims to enable local banks to issue trade financing instruments, facilitating access to international markets, especially in light of the challenges related to limited access to global banking services in the West Bank.

This expansion confirms the Arab Islamic Bank's position as a trusted financial partner in supporting foreign trade through providing effective financing solutions that facilitate import and export, and enhance the ability of Palestinian companies to expand into regional and international markets.

In this context, the bank's General Manager, Mr. Hani Nasser, stated: "This qualitative increase in the trade financing ceiling is an important strategic milestone in the journey of the Arab Islamic Bank, reflecting the confidence of international financial institutions in our ability to support and develop Palestinian foreign trade. We are committed to continuing to develop innovative financing solutions that comply with Islamic law, enabling our clients to expand their businesses and access new markets despite the existing challenges, thereby enhancing the resilience and sustainability of the national economy."

The Arab Islamic Bank joined the trade facilitation program of the European Bank for Reconstruction and Development in 2023 with an initial ceiling of two million dollars, which was gradually raised due to the accelerated growth in the bank's trade financing activities. The program has also enabled the bank to access a global network of over 100 issuing banks and 800 confirming banks, along with specialized training programs to enhance the efficiency of banking staff in this field.

This partnership reflects the Arab Islamic Bank's commitment to developing its banking services and expanding its financing tools in line with international best practices, reinforcing its role as a key driver in supporting the private sector and foreign trade in Palestine.
It is worth noting that the European Bank for Reconstruction and Development began its operations in the West Bank and Gaza Strip in 2017, where it has implemented dozens of investment projects aimed at enhancing the competitiveness of the local economy and supporting its sustainability and inclusiveness.