ADEX and Egyptian government sign US$100 million revolving financing agreement for a 5-year term

ADEX and Egyptian government sign US$100 million revolving financing agreement for a 5-year term

ABU DHABI, 15th August, 2023 (WAM) -- Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed an agreement with the Ministry of International Cooperation, Ministry of Finance, and the General Authority for Supply Commodities in Egypt.

The agreement entails a revolving financing programme valued at US$100 million, with annual renewals planned over a 5-year term, ultimately reaching a total of US$500 million. This initiative aims to facilitate the provision of wheat and essential commodities to the General Authority for Supply Commodities through Al Dahra Agriculture, an Emirati company.

On the UAE’s side, the agreement was signed by Mohamed Saif Al Suwaidi, the Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office (ADEX).

The Egyptian side was represented by Dr. Rania Al Mashat, Minister of International Cooperation, who signed the framework agreement, while Dr. Mohamed Moait, Minister of Finance, validated the funding guarantee.

Ahmed Youssef Mansour, Vice President of the General Authority for Supply Commodities, completed the proceedings by signing the financing agreement.

The signing ceremony was attended by distinguished officials including Khalil Al Mansoori, the Acting Director General of the Abu Dhabi Exports Office; as