The Abu Dhabi Export Office (ADEX) has signed a multi-million dollar financing agreement with the Economic Bank for Investment and Development of the Economic Community of West African States (EBID).
The partnership will open a $20 million line of credit between the two entities, which will increase the volume of trade between the UAE and West Africa and allow exports from the Emirates to the African market to increase significantly.
It will also enable the establishment of additional lines of credit, establishing means that will facilitate possible joint financing in the future, which will strategically enhance the cooperation of the two parties.
The agreement was virtually signed by ADEX Acting Director General Khalil al-Mansoori and the Chairman of the EBID Board of Directors.
Mohamed Saif Suwaidi, Director General of the Abu Dhabi Development Fund (ADFD), the export finance arm of ADEX, was also present at the signing and highlighted the importance of the agreement, which will enable ADEX to offer a line of credit to the bank to refinance its loans to importers in member countries, as well as the purchase of Emirati goods and services.
During the ceremony, he said: "The agreement signed with the ECOWAS Bank for Investment and Development highlights ADEX's effort to support the UAE in developing the export sector, diversifying the economy and enabling Emirati companies to expand their presence in Africa".
For his part, Khalil al-Mansoori said: "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 partnership agreement will consolidate our effort to support and develop national exports by providing flexible and reliable financing, thus strengthening the presence of Emirati companies in West Africa".
To which George Agyekum responded: "This new partnership between EBID and ADEX is yet another example of the bank's continued efforts to mobilise and diversify its resources to expand economic activities within the ECOWAS sub-region, as well as between the region and the rest of the world. This agreement with the Abu Dhabi Export Office will facilitate strategic relations between West Africa and the United Arab Emirates.
He added that the agreement would enhance the economic and commercial sustainability of both parties, thus highlighting the fundamental objective of the deal that EBID and ADEX have reached.