banner-img

Learning can be easier with EX - Library.

Explore our newest feature, a reliable informational resource you've been looking for!
Join |
Abu Dhabi Inks Agreement with African Bank to Boost Exports
293 views
0 comm

Abu Dhabi Inks Agreement with African Bank to Boost Exports

Staff

Opening the doors for creating more business opportunities in the African continent, the Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development, recently entered into an agreement with ECOWAS Bank for Investment and Development (EBID) to open a line of credit of $20 million between them.

The deal 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. The pact will lead to enhanced strategic cooperation and an increase in trade between the UAE and the Economic Community of West African States (ECOWAS) member states. Also, the additional credit lines and the provision of easier means for joint financing will boost Emirati exports in the African market.

Flexible, Reliable Financing 

“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,” said Khalil Al Mansoori. 

The Emirates’ foreign trade grew up to 27 percent in 2021 compared to 2020 and about 11 percent against the pre-pandemic levels of 2019 with a value of nearly $545 million. The national non-oil exports also recorded a growth of 47.3 percent over the pre-pandemic average and a growth of up to 17 percent during Q1 2022. With the latest agreement creating additional credit facilities and innovative solutions, exporters and importers will have more liquidity and cash to see an uptick in trade volumes. 

EXIMA News

Amplifying Economic Activities 

“This novel partnership between EBID and ADEX is a further illustration of the bank’s continued efforts to mobilize 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. 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,” stated Dr. George Agyekum Donkor. 

EBID is a regional development bank established by the 15 member states of ECOWAS, comprising Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. ADEX was set up by ADFD to help drive international trade by providing loans and guarantees to overseas buyers seeking to import goods and services from the UAE. In May last year, it signed a $30 million trade finance agreement with the Eastern and Southern African Trade and Development Bank to boost trade.

Learn More with EXIMA News

EXIMA News is here to provide you with all the latest updates on global news. Take a look at our News Page to learn more about current events!

You May Also Like

Sep 30
2022
Hydrogen: The Next Fuel for Trucking?

Hydrogen-powered trucks have the potential to raise the sustainability bar even higher and transform the freight transportation industry. So, will hydrogen be the next truck fuel?

Staff
Comments (0)
Oct 07
2022
India Exports 1.8 Million Tonnes of Wheat since the Ban

Come read our blog to see how India has exported more than a million tonnes of wheat since the country banned wheat exports in an attempt to keep rising wheat prices in the domestic market under control.

Staff
Comments (0)
This website uses cookies. By using this website, you consent to our use of these cookies