Abu Dhabi Export Office signs ‘Line of Credit’ agreement with National Bank of Iraq

ABU DHABI – The Abu Dhabi Export Office (ADEX), the export finance arm of the Abu Dhabi Development Fund (ADFD), has signed an agreement for a line of credit worth AED 36.7 million ($10 million) with the National Bank of Iraq, Capital Bank Group’s part.

The agreement aims to promote economic cooperation between the UAE and Iraq, thereby strengthening bilateral ties and encouraging Emirati companies to export their products to Iraq.

The agreement allows ADEX to open a line of credit with the National Bank of Iraq for the purpose of re-loaning Iraqi importers to obtain goods and services from UAE exporters.

The move adds momentum to ADEX’s efforts to contribute to the economies of both countries and support the UAE’s economic diversification strategy.

The financing agreement was actually signed by ADEX Acting Director General Khalil Al Mansouri and National Bank of Iraq CEO Ayman Abu Dhaim.

Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of ADEX Export Executive Committee, and other senior officials from both sides attended the ceremony.

Commenting on the agreement, Al Suwaidi said, “This agreement is part of ADEX’s strengthening of strategic partnerships with regional and international banks, so it can create opportunities for importers to more easily purchase our products and services. This will increase the country’s export performance. Competitiveness. More importantly, this agreement will allow us to achieve our mutual interests in economic development for both countries.”

Abu Zaim said the agreement is an important step in strengthening economic cooperation between the UAE and Iraq. “Through trade facilitation, both countries will benefit economically, something both countries look forward to. The agreement will allow Iraqi companies to benefit from the competitive financing provided by ADEX, while also supporting Emirati exporters to transact in a safe and secure manner. its products,” he added.

The Abu Dhabi Export Office is in line with the UAE’s strategy to diversify the economy by enhancing the competitiveness of the export sector, protecting exporters from financial risks due to delays or non-payment, and facilitating the import of UAE goods and services through competitive financing .