Abu Dhabi Exports Office Signs Line of Credit Agreement with National Bank of Iraq to Boost bilateral trade

Abu Dhabi Exports Office Signs Line of Credit Agreement with National Bank of Iraq to Boost bilateral trade

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 strengthened bilateral relations. It will also 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 relending 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 the Abu Dhabi Exports Office, and Ayman Abu Dhaim, CEO of the National Bank of Iraq. The ceremony was attended by H.E Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Export Executive Committee of the Abu Dhabi Exports Office, and other senior officials from both sides. Al Suwaidi said: “The agreement is