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Tuesday, March 21, 2023

ADEX signs US$121.3 million green finance agreement with Angola

The Abu Dhabi Export Office (ADEX), the export finance arm of the Abu Dhabi Fund for Development (ADFD), has signed two green finance agreements with the Angolan government worth AED445 million (US$121.3 million). Financing is provided in partnership with Standard Chartered Bank.

An agreement worth AED 330 million involves the acquisition of an analytics platform, a primary data center, a backup data center and a national cloud platform to strengthen Angola’s IT sector. The project will be carried out by Presight, a G42 company specializing in big data analytics powered by artificial intelligence and cloud computing.

Another agreement worth AED115 million will allow Mark Cables, an Emirati company specializing in the manufacture of cables, lighting, water and electrification projects, to install and maintain streetlights in the cities of Luanda, Malanje, Ndalatando and Uíge .

The two agreements were signed by Mohammad Saif Al Suwardi, Director General of Abu Dhabi Development Fund and Chairman of the Export Executive Committee of the Abu Dhabi Export Office; Vera Esperança dos Santos Daves De Sousa, Minister of Finance of Angola; Thomas, CEO of Presight Pramotedham; and Faruq Muhammad, global head of structured export finance at Standard Chartered Bank. The ceremony was attended by ADFD Deputy Director General Khalifa Al Qubaisi; Mark Cables Chairman Alexis Bayigamba; ADEX Acting Director General Khalil Al Mansouri; and several other officials.

important starting point

Al Suwaidi said: “These two agreements constitute an important starting point for a new phase of development cooperation with the Angolan government. Working with renowned Emirati companies, as well as Angolan companies, they are committed to building efficient partnerships to support Angola’s modern, environmentally friendly foundations The development of facilities. These activities will also contribute to the diversification of the UAE’s economy.” He expressed his hope that the cooperation between ADEX and the Angolan government will grow exponentially in the future, which will enable the UAE and Angola, as well as UAE enterprises, by accelerating business and economic activities in the benefit financially.

De Sousa expressed delight at these agreements, which she said will broaden the horizons of development cooperation between Angola and the UAE. She thanked the UAE for its initiative to develop economic cooperation with her country, and acknowledged that the Angolan government will benefit greatly from the agreement with ADEX, in addition to the installation of modern and sustainable street lighting systems in major Angolan cities.

Pramotedham said: “This agreement will help accelerate Angola’s digital vision and pave the way for its future prosperity. The UAE has been a strong ambassador for digital transformation and we at Presight are proud to play our part in realizing this mission . We now look forward to working closely with the Angolan government and other stakeholders to build a mutually beneficial relationship.”

export sector

De Martino called the agreement an important step in boosting the UAE’s export industry. “As part of the street lamination project, we will export lights, utility poles, cables and transformers to Angola. These cables and transformers are manufactured in the UAE. The rest of the materials will also be sourced from the UAE,” he said.

De Martino also praised ADEX for its professionalism and competitive lending facilities. “All of this makes ADEX not only our partner of choice, but a paramount component in our efforts to implement important green projects that will improve safety, security and quality of life in the capital. We are happy to work with ADEX on many of these meaningful initiatives like this to build long-term partnerships,” he added.

Mohamed said: “Standard Chartered’s unique footprint, combined with the bank’s on-the-ground expertise in the Middle East and Africa region and the unparalleled expertise of Export Credit Agencies (ECAs), connect our global clients and provide them with seamless access to credit to meet their financing needs.” — trade arab news agency

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