Sberbank structures first trade finance deal
By Alexander Bueso
Date: Wednesday 05 Aug 2020
(Sharecast News) - Sberbank structured a trade finance deal with Egyptian authorities for the purchase of wheat, its first ever.
The lender's Swiss-based subsidiary structured the export letter of credit to sell Russian wheat to the Egyptian government in accordance with Islamic finance principles.
Saudi-based International Islamic Trade Finance Corporation, which is a part of the Islamic Development Bank (IsDB) Group, participated in the deal.
Sberbank boss, Oleg Ganeev, hailed the partnership with ITFC in trade finance and expressed confidence that the transaction would unlock new opportunities for its clients in that business area.
Egypt's General Authority for Supply Commodities (GASC), which was already a long-term customer of Sberbank, acted as buyer.
In particular, it was expected that ITFC's stellar rating would help Sberbank to "significantly" increase its share in Russian wheat exports to Egypt.
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