Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with the ECOWAS Bank for Investment and Development (EBID), whereby a line of credit of US$20 million will be opened between the two entities that will enhance strategic cooperation, leading to an increase in the volume of trade between the UAE and ECOWAS member states. The agreement also supports the establishment of additional credit lines and the provision of easier means for joint financing, thus boosting Emirati exports in the African market.
The agreement was signed virtually by Khalil Al Mansoori, Acting Director General of ADEX, and Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID. H.E Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and Chairman of the Exports Executive Committee of Abu Dhabi Exports Office (ADEX) and H.E Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD, were present at the event, alongside other officials from both sides.
During the ceremony, Al Suwaidi said: “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.”
He added that the agreement would enable ADEX to offer a credit line to the bank to refinance their lending to importers from its member countries for purchase of Emirati goods and services. “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 stated: “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.”
He added that the provision of credit facilities and innovative solutions will benefit exporters and importers alike, apart from reducing challenges facing exporters over the availability of liquidity and cash.
In his response, Dr. George Agyekum Donkor commented: “This novel partnership between EBID and ADEX is a further illustration of the Bank’s continued efforts to mobilise and diversify its resources to amplify economic activities within the ECOWAS sub-region as well as between the region and the rest of the world. This agreement with Abu Dhabi Export Office will facilitate strategic relations between West Africa and the UAE. Our partnership will contribute to charting a course for further economic development and enhanced trade between the two sides. We will work together to take advantage of available opportunities and ADEX’s financing facilities to enable importers in Africa to acquire goods and services from the UAE in an easier and safer way.” He pointed out that the agreement would enhance economic and commercial sustainability benefiting both the bank’s Member States and the UAE.