ADEX signs Dhs22 million deal to finance strategic project in Egypt

ADEX signs Dhs22 million deal to finance strategic project in Egypt

Officials during the agreement signing ceremony. The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), on Wednesday signed a Dhs22 million ($6 million) loan agreement with the Egypt-based Emirati firm Jenaan Pipes & Irrigation Systems SAE. The funds will enable the company to import raw material from Borouge, a leading petrochemicals company, to manufacture and supply irrigation systems to one of the world's largest refineries situated in Egypt. Additionally, the amount will help Jenaan to produce irrigation systems that will contribute to building the world's biggest sugar refinery in the country. The projects will not just lead to growth and expansion of the two Emirati companies, but they will bolster Egypt's food security. The polyethylene extrusion plant provides Jenaan with a new strategic manufacturing foothold in Egypt to expand across the Mena region, while greatly reducing shipping and logistics costs. The irrigation system will support a new beet farm and the refinery that will produce 900, 000 tonnes of sugar annually, reducing Egypt's reliance on sugar imports by 80 per cent. Commenting on the agreement, Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Exports Executive Committee of ADEX, said: