Abu Dhabi Exports Office signs ‘Line of Credit’ agreement with National Bank of Iraq

Abu Dhabi Exports Office signs ‘Line of Credit’ agreement with National Bank of Iraq

ABU DHABI - The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed an AED36.7 million (US$10 million) line-of-credit agreement with the National Bank of Iraq, part of the Capital Bank Group. The agreement aims to boost economic cooperation between the UAE and Iraq, which in turn will strengthen bilateral relations, and encourage Emirati companies to export their products to Iraq. The agreement allows ADEX to open a line of credit with the National Bank of Iraq for the purpose of re-lending importers in Iraq to acquire goods and services from an Emirati Exporters. The move adds momentum to ADEX’s effort to contribute to the economies of both countries and support the UAE’s strategy on economic diversification. The financing agreement was signed virtually by Khalil Al Mansouri, Acting Director-General of ADEX, and Ayman Abu Dhaim, CEO of the National Bank of Iraq. The ceremony was attended by Mohamed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Export Executive Committee of ADEX, and other senior officials from both sides. Commenting on the agreement, Al Suwaidi said, “The agreement is part of ADEX’s effort to strengthen strategic partnerships with regional and international