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Abu Dhabi signs $100m deal with Egyptian bank to boost UAE exports

September 07, 2023 00:00:00

RIYADH, Sept 06 (Arab News): In a move aimed at reinforcing economic and trade relations between the UAE and Egypt, Abu Dhabi Exports Office, the export-financing arm of Abu Dhabi Fund for Development, has signed a pivotal financing agreement with the National Bank of Egypt.

Under the agreement, a revolving loan facility worth $100 million has been established, aimed at supporting UAE export transactions to Egypt.

The initiative is strategically designed to bolster economic activities and cross-border relations, further enhancing the trade landscape between the two countries, according to a report by the Emirates News Agency, also known as WAM.

"The agreement with the National Bank of Egypt aligns with our leadership's vision, demonstrating its dedication to strengthening national exports. 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, director general of ADFD and chairman of the exports executive committee of ADEX.

He further articulated that this financial agreement serves as a catalyst to propel ADEX's aspirations to penetrate emerging regional and international markets.

"Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increase their contribution to the economy," Al-Suwaidi added.

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