The Abu Dhabi Exports Office (ADEX), the export-funding arm of the Abu Dhabi Fund for Development (ADFD), has entered into a financing deal with the Capital Bank of Jordan.
The deal would make credit worth Dhs73.4m ($20m) available to increase the UAE’s exports to Jordan and the economies of both countries.
“We are thrilled to execute the deal with Capital Bank of Jordan,” said Mohamed Saif Al Suwaidi, DG of ADFD and chairman of the Executive Committee for Exports. It will allow us to strive toward our leadership’s aim of developing Emirati exports and hastening the UAE’s economic diversification. This strategic relationship aligns with the UAE Centennial 2071 initiative, which seeks to propel the UAE economy to new heights and double the country’s GDP. The pact also helps to the country’s consolidation of its position as a global trading hub.”
Al Suwaidi added: “We offer loans and guarantees to Emirati exporters to raise their contributions to the economy, increase their ability to expand their global footprint, and help them to become globally competitive. The agreement will strengthen strategic collaboration to bolster the export sector in a way that fulfills mutual interests.”
Khalil Al Mansoori, the acting DG of Abu Dhabi Exports Office, said: “This agreement marks a new phase in our effort to develop national exports, advance trade relations between the two countries, and create opportunities for Emirati companies to expand and access the global market, all of which helps achieve state policies and diversify the economy.”
Basem Khalil Al Salem, chairman of the board of directors of Capital Bank, expressed his pleasure with this partnership, which called an important step towards developing economic and trade cooperation between the two sides. He hoped that the agreement will contribute to sustainable development in both countries and fulfill other common objectives.
He added that the agreement will allow ADEX to open a credit line with Capital Bank that can re-lend importers on competitive terms to buy Emirati goods and services.
In other news, ADFD recently inaugurated five colleges in Jordan that were built with funding of Dhs80.3m.
