Abu Dhabi Exports Office signs $121.25mln green finance agreements with Angola

Abu Dhabi Exports Office signs $121.25mln green finance agreements with Angola

ABU DHABI - The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed two green finance agreements with the government of Angola, valued at AED445 million (US$121.3 million). The financing is provided in cooperation with Standard Chartered Bank.

One agreement, valued at AED330 million (US$90 million), relates to the acquisition of an analytical platform, main data centre, backup data centre and national cloud platform to strengthen the Angolan IT sector.

The project will be carried out by Presight, a G42 company, which specialises in big data analysis powered by artificial intelligence and cloud computing.

The other agreement, valued at AED115 million (US$31.3 million), will allow Mark Cables, a UAE company specialised in manufacturing cables, lighting, water, and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando and Uíge.

The two agreements were signed by Mohamed Saif Al Suwaidi, ADFD Director-General and Chairman of the Exports Executive Committee of ADEX; Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola; Thomas Pramotedham, CEO of Presight; and Faruq Muhammad, Global Head of Structured Export Finance of Standard Chartered Bank.

The ceremony was attended by Khalifa Al Qubaisi, ADFD Deputy Director-General; Alexis Bayigamba,