UAE’S ADEX & Angola Government sign finance agreements worth $121 million

UAE’S ADEX & Angola Government sign finance agreements worth $121 million

The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed two green finance agreements with the government of Angola, valued at US$121.3 million.

One of the agreements, valued at $90 million, is related to the acquisition of an analytical platform, a main data center, a backup data center, and a national cloud platform to strengthen the Angolan IT sector. The project will be carried out by Presight, a G42 company that specialises in big data analysis powered by artificial intelligence and cloud computing.

The other agreement, valued at $31.3 million, will allow Mark Cables, a UAE company specialised in manufacturing cables for lighting, water, and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando, and Uíge.

The two agreements were signed by Mr. Mohamed Saif Al Suwaidi, ADFD Director-General and Chairman of the Exports Executive Committee of ADEX, Ms. Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola, Mr. Thomas Pramotedham, CEO of Presight, and Mr. Faruq Muhammad, Global Head of Structured Export Finance at Standard Chartered Bank.

Mohamed Saif Al Suwaidi

Chairman, Exports Executive Committee,

ADEX “The two agreements constitute an important starting point for a new