ADEX and Egyptian government sign US$100 million revolving financing agreement for a 5-year term

Abu Dhabi Exports Workplace (ADEX), the export-financing arm of Abu Dhabi Fund for Growth (ADFD), has signed an settlement with the Ministry of Worldwide Cooperation, Ministry of Finance, and the Normal Authority for Provide Commodities in Egypt. The settlement entails a revolving financing program valued at US$100 million, with annual renewals deliberate over a 5-year time period, finally reaching a complete of US$500 million. This initiative goals to facilitate the availability of wheat and important commodities to the Normal Authority for Provide Commodities by Al Dahra Agriculture, an Emirati firm.

 On the UAE’s aspect, the settlement was signed by His Excellency Mohamed Saif Al Suwaidi, the Director Normal of Abu Dhabi Fund for Growth and Chairman of the Exports Govt Committee on the Abu Dhabi Exports Workplace (ADEX). The Egyptian aspect was represented by Dr. Rania Al Mashat, Minister of Worldwide Cooperation, who signed the framework settlement, whereas His Excellency Dr. Mohamed Moait, Minister of Finance, validated the funding assure. Mr. Ahmed Youssef Mansour, Vice President of the Normal Authority for Provide Commodities, accomplished the proceedings by signing the financing settlement.

The signing ceremony was attended by distinguished officers together with Khalil Al Mansoori, the Performing Director Normal of the Abu Dhabi Exports Workplace; in addition to many senior officers from each the UAE and Egypt. 

H.E. Al Suwaidi, emphasised that the settlement exemplified the distinctive relations between the UAE and Egypt, showcasing the dedication of each nations’ management to mutual development and improvement throughout varied sectors. The settlement additional demonstrates the efforts of ADFD to keep up strategic cooperation with the Egyptian authorities, finally facilitating a rise in commerce trade to foster financial advantages for each nations.

“The collaboration among the many Abu Dhabi Exports Workplace, the Normal Authority for Provide Commodities, and Al Dahra will play a pivotal function in fortifying the strategic reserves of important agricultural commodities, thereby guaranteeing the meals safety of the Egyptian market. By means of this settlement, ADEX is dedicated to facilitating credit score that can additional bolster the export panorama,” H.E. Al Suwaidi added.
In her assertion, Dr. Rania Al Mashat elucidated that the brand new settlement signifies the profoundness of the strategic ties between Egypt and the UAE. The 2 nations are dedicated to augmenting financial integration and advancing joint improvement endeavors. 
Dr. Al-Mashat additional clarified that the settlement’s revolving financing mechanism goals to meet the native wheat market’s necessities in step with the measures adopted by the Egyptian authorities to bolster meals safety by delicate improvement funds. She emphasised the continual cooperation, coordination, and technical collaboration among the many ministries of worldwide cooperation, finance, and provide to finalize the settlement.

The minister conveyed her gratitude for the enduring improvement cooperation between Egypt and the Abu Dhabi Fund for Growth, a partnership that originated in 1974. This collaboration has led to the funding of over 20 tasks valued round AED4.5 billion throughout varied precedence sectors, instantly benefiting residents, significantly in fields like water, well being, housing, transportation, and agricultural improvement. Notably, the UAE’s help has contributed to the institution of 25 silos in 17 governorates, growing wheat storage capability by 1.5 million tons. 

Dr. Al-Mashat added that upcoming discussions will give attention to exploring additional areas of cooperation aligned with Egypt’s developmental priorities and the conclusion of Egypt’s Imaginative and prescient 2030.

“Al Dahra works in the direction of sustainably feeding our rising world, and this settlement aligns with our function in one of many key markets within the area, Egypt,” mentioned Arnoud van den Berg, Group CEO of Al Dahra. “This settlement highlights our dedication to meals safety within the nations we function in and enhances our efforts from our farms in Egypt. Over the previous 3 years, we now have equipped over 180,000 tons of wheat on the prevailing native market worth making us the most important native personal sector native provider of wheat to the Normal Authority for Provide Commodities (GASC),” he added.

He famous that Al Dahra already farms 28,000 hectares of land in Egypt that assist maintain the nation’s meals safety by producing staple crops. It’s the largest personal sector producer of wheat and corn in Egypt along with the manufacturing of onions, sugar beet, sesame, citrus, sorghum in addition to forage for the livestock. Practically 85% of all meals produce outputs from Al Dahra’s Egyptian farms are equipped domestically, serving to cut back the import burden for the federal government. Globally, Al Dahra’s manufacturing output of grains and oilseeds output is roughly 600,000 metric tons.

Abu Dhabi Exports Workplace, established by Abu Dhabi Fund for Growth in 2019, performs an important function in supporting nationwide exports by providing financing options to allow Emirati corporations to broaden their enterprise attain and improve competitiveness in world markets. The workplace additionally supplies financing and ensures for overseas importers buying items and providers from Emirati exporters, guaranteeing favorable phrases and aggressive benefits, thus contributing to corporations’ long-term development and diversification of revenue sources within the nationwide financial system.

Observe Emirates 24|7 on Google Information.