gres, page-2

On their wesbite this is the description provided in ' How to finance my project'

GRES HOLDING LIMITED provide a new financial system to finance project till 10 years
"Tern Key Project"
Procedures:
1-The project's Owner ask his bank to get a credit line to pay the advance payment to the contractor with the secure of the contractor's Bank Guarantee (BG).
2- The bank approves the credit line through a letter address to the Owner's project company.(this letter can be verify after receiving an authorization from the Owner's project by SWIFT from the Contractor's Bank).
3- Project Owner's Bank will issue irrevocal instructions to His bank to transfer the agreed fees by Swift to The Contractor's company’s Bank.

4- The Contractor's company's Bank upon verify of these irrevocable instructions by Swift ; shall further deliver the Instrument confirmation via SWIFT to the Project Owner's Bank (the face value of the bank Guarantee will equal 108% the credit line).

5-The Project Owner's Bank upon the verification & authentication of the said SWIFT shall within 8 international banking hours release funds (SDV–Same Day Value) via SWIFT Wire Transfer.

6-The Project Owner's Bank transfers the payment against receiving Bank Guarantee equal 106% their payment.

7-In addition, The Contractor's company's Bank will issue a Performance bond with 5% as performs bonds to guarantee the turnkey implementation of this project (as agreed).

8- Hard Copy of the Instrument will be delivered via Bank Courier within 7 international banking days to The Project Owner's Bank.

9-In the end of the year (at the Bank Guarantee maturity date), The Project Owner's Bank will collect the Bank Guarantee’s face value and pay the balance of the credit line.