Banque Du Caire Grants EGP512.6 million Letters of Credit by April-end

Banque Du Cairo’s grants for the country’s sectors in forms of letters of credit (L/Cs) hit EGP 512 million by the end of April 2014, a banking source with knowledge said on Monday.

In 2013, Banque Du Caire issued around 11.000 L/Cs for a number of the country’s sectors, at value of US$2 billion.

“Over the last three years and despite having dollar liquidity shortage, the bank went on granting government entities letters of credit.” The source added

“Banque Du Caire is providing finances for multiple key sectors, notably foodstuff, spare parts, iron, and construction.”