Adex, Mashreq, ADCB to give $100mn in financing to BGN

Adex, Mashreq, ADCB to give $100mn in financing to BGN

ABU DHABI / WAM Abu Dhabi Exports Office (Adex), the export financing arm of Abu Dhabi Fund for Development (ADFD), and its strategic partners in the banking field Mashreq and Abu Dhabi Commercial Bank (ADCB), have signed a financing facility with the global energy and commodities trading company BGN. The strategic collaboration sets the stage ...

ABU DHABI / WAM

Abu Dhabi Exports Office (Adex), the export financing arm of Abu Dhabi Fund for Development (ADFD), and its strategic partners in the banking field Mashreq and Abu Dhabi Commercial Bank (ADCB), have signed a financing facility with the global energy and commodities trading company BGN. The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE. The syndicated financing arrangement, a revolving credit line, is embedded with an accordion feature whereby regional banks

and their overseas affiliates can contribute additional funding.

The agreement was signed by Khalil Al Mansoori, Acting Director-General of the Abu Dhabi Exports Office; Rüya Bayegan, Group CEO of BGN; Asif Karmally, Executive Head of International Corporate Banking at ADCB; and Joel Van Dusen, Senior Executive Vice President and Group Head of Corporate and Investment Banking Group