Gulf Bank signs deal with The Arab Trade Financing Program
July 11, 2005
Gulf Bank has signed a $25 million credit line facility with The Arab Trade Financing Program in Abu Dhabi. Mr. Jasem Al Manaie the Chairman and Executive Director of The Program and Dr. Yousef Al Awadi, The Chief General Manager and Chief Executive Officer of Gulf Bank signed the agreement in Abu Dhabi.
The $25 million credit line is to be used for Kuwait’s foreign trade facility. The Arab Trade Financing Program in Abu Dhabi has provided 16 credit line facilities to its authorized national agencies in Kuwait for an amount of $407 million.
“The Arab Trade Financing Program plays a very important role in striving for the removal of restrictions on current payments between member states, establishing policies and modes of Arab monetary co-operation,” said Mr. Al Manaie. He also added that “ The Program provides advice whenever called upon to do so, with regards to policies related to the investment of the financial resources of member states in foreign markets, promotes the development of Arab financial markets and trade among member states.”
“Gulf Bank cooperates and works hand in hand with the Program’s management,” said Dr. Yousef Al Awadi. “ The Arab Trade Financing Program has a positive effect in liberalizing and promoting trade among member states through its reduction of restrictions and establishing trade policies between member states,” added Al Awadi.