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The Abu Dhabi Export Office (Adex) and the Economic Community of West African Investment and Development Bank (Ebid) have signed a financing agreement under which a US$20 million line of credit will be opened between the two entities to facilitate trade.
The agreement will strengthen strategic cooperation, thereby increasing the volume of trade between the UAE and ECOWAS member countries.
The agreement also supports the establishment of additional credit lines and easier co-financing, thereby boosting UAE exports in African markets.
Export support
The agreement was signed virtually by Khalil Al Mansoori, Acting Director General of Adex, and Dr. George Agyekum Donkor, President and Chairman of the Board of Ebid. The event was attended by Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development (ADFD) and Chairman of the Export Executive Committee of the Abu Dhabi Export Office (Adex), and Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD. other officials on both sides.
“The agreement signed with Ebid underlines Adex’s efforts to support the UAE in developing its export sector, diversifying its economy and enabling Emirati companies to expand into Africa,” said Al Suwaidi.
He added that the agreement will enable Adex to extend a line of credit to the bank to refinance the loans they make to importers in its member countries to purchase goods and services in the UAE. “This will strengthen the relationship between the two entities, achieve mutual interests and accelerate economic growth in West Africa and the UAE.”
Flexible and reliable financing methods
Al Mansoori said: “This agreement is a continuation of Adex’s efforts to expand the scope of cooperation with African countries. It complements the agreement signed by Adex with the East and Southern Africa Trade Development Bank (TDB) last year. The latest cooperation agreement will strengthen our efforts to provide flexible and reliable financing support and efforts to develop the country’s exports, thereby strengthening the presence of Emirati companies in West Africa.”
Apart from reducing the challenges exporters face in terms of liquidity and cash availability, providing credit facilities and innovative solutions will benefit both exporters and importers, he added.
Dr Donkor commented: “This novel partnership between Ebid and Adex further illustrates the Bank’s continued efforts to mobilize and diversify its Economic activities between the two countries. This agreement with the Abu Dhabi Export Office will boost the strategic relationship between West Africa and the UAE. Our partnership will help chart the course for further economic development and enhanced trade between the two countries. Together we will work to enable importers in Africa to purchase goods and services from the UAE in an easier and safer way, leveraging existing opportunities and Adex’s financing facilities.” He noted that the agreement will enhance economic and commercial sustainability, allowing banks to Both member states and the UAE benefit. – arab trade news agency
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