Trade Information Centre

It is vital for international traders to keep up to date with the business environment. To assist you, we have developed the trade information centre to give you the latest exchange rates, trade and foreign exchange news.

HSBC Bank Egypt is one of the permanent participating banks in the USAID program.

USAID Program "CIP" (Private Sector Commodity Import Program) is United States Agency For Int'l Development program with certain rules and procedures listed briefly here below:

Private sector importers get quotations (offers) from US suppliers; submit their D/C application to Egyptian participating banks.

After approval by the participating bank, and once the USAID Egypt are assured that all requirements have been fulfilled, they issue a "No Objection Letter", the documentary credit is then opened and advised by the participating bank's correspondent in USA to beneficiary.

Upon D/C utilization, the US correspondent bank applies to USAID for reimbursement under the letter of commitment. Participating bank becomes then indebted - after an interest free grace period - to the Egyptian Ministry of Foreign Trade and Industry, for the Egyptian Pounds equivalent of transaction value (the exchange rate is fixed at the time the D/C is opened).