Adex Inks Financing Deal Worth USD 100 Million To Promote UAE Exports To Egypt
The Abu Dhabi Exports Office, the export-funding arm of the Abu Dhabi Fund for Development, has struck a $100 million financing arrangement with the National Bank of Egypt to increase UAE exports to the country.
“The financing extended by Adex represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries,” Mohamed Al Suwaidi, director general of ADFD and chairman of the exports executive committee of the Adex, said.
“Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increasing their contribution to the economy.”
Adex, which was founded in 2019, provides financial options to exporters in order to grow the UAE's trade volumes and promote its export industry in worldwide markets. It offers finance to foreign buyers and importers through direct and indirect loans and guarantees. Adex struck a similar agreement with the Capital Bank of Jordan last year to boost economic links with Amman and promote UAE exports. A credit line of roughly Dh73.4 million ($19.9 million) would be created as part of the agreement to "support collaborative efforts" and enhance the UAE's exports to the region, Adex stated at the time.
It is also collaborating with Sumitomo Mitsui Financial Banking Corporation of Japan to offer $135 million in financing to global commodities trader Trafigura to assist its working capital needs, including metals, minerals, and processed hydrocarbon exports from the UAE. The current move comes as the UAE's commerce with foreign nations continues to grow as new trade agreements are signed.