An agreement has been reached between an African bank and an Abu Dhabi financial institution, in a bid to increase African purchasers’ access to funding for imports from the United Arab Emirates and support UAE exporters’ growth in Africa.
The Eastern and Southern African Trade and Development Bank (TDB) and Abu Dhabi Exports Office (ADEX), Abu Dhabi Fund for Development (ADFD)’s business dedicated to export financing, have signed a line of credit agreement for USD 30 million.
It is the first partnership of its kind to be entered into by ADEX with an overseas financial institution and it aims to improve trade relations between the United Arab Emirates (UAE) and Mauritius-headquartered TDB’s 22 member states, namely Burundi, Comoros, the Democratic Republic of the Congo, Djibouti, Egypt, Eritrea, Ethiopia, Eswatini, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.
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