The Abu Dhabi Office for Exports (ADEX), affiliated to the Abu Dhabi Fund for Development, has signed agreements with the Ministries of International Cooperation, Finance, and the General Authority for Supply Commodities in the Arab Republic of Egypt for a revolving financing program at a value of $100 million, to be renewed annually for a period of 5 years, bringing the total financing to $500. One million dollars, to supply wheat and strategic commodities to the General Authority for Supply Commodities through the Emirati Al Dahra Agricultural Company.
The agreements were signed on the UAE side by Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Chairman of the Executive Committee for Exports of the Abu Dhabi Export Office, and on the Egyptian side, Dr. Rania Al Mashat, Minister of International Cooperation, signed the framework agreement, and Dr. Mohamed Moait, Minister of Finance, signed the financing guarantee agreement. Ahmed Youssef Mansour, Vice President of the General Authority for Supply Commodities, also signed the financing agreement. The signing ceremony was attended by Khalil Fadel Al Mansouri, Acting Director General of the Abu Dhabi Office for Exports, and a number of senior officials from both countries.
He stated that the partnership between the Abu Dhabi Office for Exports, the General Authority for Supply Commodities and Al Dahra Agricultural Company will contribute to strengthening the strategic stock of basic agricultural crops to ensure food security in the Egyptian market, and the Abu Dhabi Export Office will work through this agreement to provide credit facilities that enhance the presence of UAE companies’ exports in Regional and global markets, which contributes to diversifying the UAE economy and increasing its growth opportunities
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