ADEX, EBID sign financing agreement to boost UAE exports to West Africa
01-07-2022 11:09:00 | by: Pie Kamau | hits: 1830 | Tags:

Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed a financing agreement with the ECOWAS Bank for Investment and Development (EBID), to boost Emirati exports in the African market.

With this agreement, a line of credit of $20 million will be opened between the two entities to enhance strategic cooperation, leading to an increase in the volume of trade between the UAE and ECOWAS member states. 

Mohamed Saif Al Suwaidi, Director General, ADFD: ''The agreement signed with the ECOWAS Bank for Investment and Development underscores ADEX’s effort to support the UAE in developing the export sector, diversifying the economy, and enabling Emirati companies to expand their footprint into Africa. This will strengthen relations between the two entities, leading to fulfilment of common interests and acceleration of economic growth in West Africa and the UAE.''

Khalil Al Mansoori, Acting Director General, ADEX: ''The agreement is a continuation of ADEX’s effort to expand the scope of its partnerships with African countries. It complements the agreement signed last year by ADEX with the Eastern and Southern African Trade and Development Bank (TDB). The latest partnership agreement will consolidate our effort to support and develop national exports through the provision of flexible and reliable financing, thereby strengthening the presence of Emirati companies in West Africa.''