ADEX, TDB to bolster UAE-African trade through $30 million facility deal

  • Date: 17-May-2021
  • Source: Gulf Today
  • Sector:Economy
  • Country:UAE
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ADEX, TDB to bolster UAE-African trade through $30 million facility deal

ADEX, TDB to bolster UAE-African trade through $30 million facility deal

28 minutes ago

Top officials during the signing ceremony.

Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a $30 million (Dhs110.19 million) line-of-credit agreement with the Eastern and Southern African Trade and Development Bank (TDB) to bolster trade between the UAE and the Bank’s Member States.

The first of its kind to be signed by ADEX with a foreign financial institution, the trade finance facility agreement was signed during a virtual ceremony by Saeed Al Dhaheri, Acting Director-General of ADEX, and Admassu Tadesse, TDB Group Managing Director and CEO.

Through the facility, ADEX will provide the line of credit to TDB for the purpose of extending loans to buyers and importers from the Bank’s Member States to purchase goods and services from UAE sources.

“Fulfilling mutual interest through strategic partnerships is key to ADEX’s effort to turn into reality its vision to drive sustainable economic growth at home and abroad,” said Mohamed Saif Al Suwaidi, Director-General of ADFD and Chairman of ADEX’s Export Executive Committee.

“The agreement constitutes an ideal partnership that benefits everyone.” The agreement is in line with the UAE Government’s policy to support and