Abu Dhabi Signs $100 Million Credit Agreement With National Bank Of Egypt To Boost Emirati Exports
(MENAFN- Khaleej Times) Published: Wed 6 Sep 2023, 12:57 PM Last updated: Wed 6 Sep 2023, 1:26 PM
Abu Dhabi Exports Office (ADEX), the export financing arm of the Abu Dhabi Fund for Development, has signed a $100 million line of credit agreement with the National bank of Egypt (NBE), state news agency WAM reported on Wednesday.
Under the terms of the agreement, a revolving loan facility of US$100 million has been established, with the primary aim of supporting transactions involving exports to Egypt. This initiative seeks to bolster economic activities and promote cross-border trade relations, further enhancing the already fertile trade landscape between the two nations.
Mohamed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Exports Executive Committee of ADEX, said, "The agreement with the National Bank of Egypt aligns with our leadership's vision, demonstrating its dedication to strengthening national exports. The financing extended by the authority 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."
He added that the agreement would bolster ADEX's ambitions to tap into emerging regional and global markets, noting, "Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, tincrease their contribution to the economy."
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