Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a $100 million financing agreement with the National Bank of Egypt (NBE) to boost trade and economic relations between the UAE and Egypt.
The partnership solidifies the longstanding bond between the two nations and showcases their commitment to mutual prosperity and growth. The $100 million loan facility will be used to support transactions involving UAE exports to Egypt.
“The financing extended by ADEX represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries,” said Mohamed Saif Al Suwaidi, the Director General of ADFD and chairman of the Exports Executive Committee of ADEX.
“We aim to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increasing their contribution to the economy.”
The initiative seeks to bolster economic activities and promote cross-border trade relations, further enhancing the already fertile trade landscape between the two nations.
The agreement marks a milestone in ADEX’s ongoing efforts to strengthen cooperation with Egypt and other countries. ADEX extends loans and guarantees to Emirati exporters, to enhance their contributions to the economy and foster their global expansion.
The agreement with NBE reflects a strategic collaboration designed to strengthen the export sector, aligning with mutual interests.