Adex, Japan’s SMBC to offer $135m loan to Trafigura
- Date: 08-Mar-2023
- Source: The Gulf Time
- Sector:Financial Services
- Country:UAE
Adex, Japan’s SMBC to offer $135m loan to Trafigura
Local News, Uncategorized
ABU DHABI / WAM
Abu Dhabi Exports Office (Adex), the export financing arm of Abu Dhabi Fund for Development, and Japan’s Sumitomo Mitsui Financial Banking Corporation (SMBC), have joined hands to provide a loan facility of $135 million to Trafigura, a market leader in the global commodities industry.
Adex contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE.
SMBC financed the remaining $10 million and undertook the facility agent and coordinator role.
The two-year financing will support Trafigura’s continued procurement from the UAE and is part of Adex’s effort to drive the export of strategic commodities and strengthen the presence of Emirati products in the global market.
Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and Adex Chairman, said, “The loan provided by Adex and SMBC would allow Trafigura to develop broader relations with Emirati exporters and increase the volume of imports of our strategic commodities.”
2023-03-08
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