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TunisiaEBRD and QNB ALAHLI accelerate trade finance digitalisation in Egypt
The European Bank for Reconstruction and Development (EBRD) is accelerating its support for the digital transition of trade finance by facilitating three test letters of credit on the digital trade finance network Contour.
The trial took place with QNB ALAHLI, one of Egypt’s largest commercial banks, acting as issuing bank and the CargoX Platform used for electronic presentation of documents.
The process of issuing and confirming letters of credit often involves large volumes of paper-based documentation, generating high administrative costs, inefficiencies and barriers to financing.
Contour uses decentralised technology to streamline the process by digitising letters of credit, which reduces the paperwork involved in trade transactions, significantly shortening the settlement time of trade documents.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested more than €8.7 billion in 145 projects in the country.
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Countries covered:
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Egypt
