ADEX to provide $135 million loan to Trafigura – GulfToday – Gulf Today

ADEX to provide $135 million loan to Trafigura – GulfToday – Gulf Today

Officials of ADEX and SMBC after signing the agreement.

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 for exports of metals, minerals and refined hydrocarbons from the UAE, with SMBC financing the remaining USD10 million and undertaking the role of facility agent and coordinator.

The two-year financing will support Trafigura’s continued procurement from the UAE and is part of Abu Dhabi Exports Office’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 Chairman