UGB signs US$ 20 million credit line agreement with Arab Trade Financing Program
United Gulf Bank represented by Mr. Masaud Hayat, Managing Director of the bank and Arab Trade Financing Program (ATFP) represented by Dr. Jassim Al Mannai, Chief Executive Chairman of the Board of the Arab Trade Financing Program have today, the 28th August, 2006, signed an agreement in Abu Dhabi to encourage financing Arab trade.
The credit line granted to UGB amounts to US$ 20 million to be utilized in financing Arab trade. With the opening of this line of credit, the number of lines of credit provided by the Program to the national agencies in the Kingdom of Bahrain has reached 17 lines with a total value of US$ 247 million.
On the occasion, Mr. Hayat, Managing Director, United Gulf Bank has valued the role played by ATFP through the financing facilities and other services it provides, for its constructive task in the development and
support of intra-Arab trade and in improving the capabilities of the Arab producers and exporters. Mr. Hayat has also expressed his high regard for the cooperation that UGB receive from the Program’s management.
The Arab Trade Financing Program (ATFP), established in 1989, is a specialized multi Arab financial institution with a mission to contribute to the development of Arab trade and to the increase of the competitive capabilities of the Arab producers and exporters.
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment / asset management companies and commercial banks.