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ABU DHABI, 10th February, 2023 (WAM) — 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 ($121.3 million). Financing is provided in partnership with Standard Chartered Bank.
An agreement worth 330 million dirhams (US$90 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 (US$31.3 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 Luanda Norte, Malanje and electrification projects. ‘dalatando and uige.
The two agreements were signed by Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of ADEX Export Executive Committee; Vera Esperança dos Santos Daves De Sousa, Minister of Finance of Angola; Thomas Pramotedham, Chief Executive Officer of Presight; and Faruq Muhammad, Global Head of Structured Export Finance, 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.
Al Suwaidi said: “These two agreements constitute an important starting point for a new phase of development cooperation with the Angolan government. Working with well-known Emirati companies as well as Angolan companies, they are committed to building efficient partnerships to support Angola’s modern, environmentally friendly Infrastructure development. These activities will also contribute to the diversification of the UAE economy.”
He expressed the hope that the cooperation between ADEX and the Angolan government will develop exponentially in the future, which will benefit the UAE and Angolan as well as UAE businesses economically by accelerating commercial and economic activities.
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.
The CEO of Presight said: “We are delighted to be part of Angola’s digital transformation, which will unlock growth and support the country’s economy. 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.”
Francesco De Martino, CEO of Mark Cables Group, said: “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.
Standard Chartered’s Faruq Muhammad said: “We are very proud to be working with ADEX and Structural Facilities, which is supporting Angola’s energy efficiency efforts, and assisting Emirati companies such as G42 and Mark Cables to use our global network to expand internationally.
“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”
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