Abu Dhabi Exports Office signs financing pact with West African 15-member group 

The deal with EBID, the financial arm of the 15-member West African states, is aimed at boosting trade between the UAE and the West African state grouping.

The agreement envisages opening a $20 million line of credit between the two entities.

The agreement also supports establishing additional credit lines and providing easier means for joint financing, aimed at boosting Emirati exports in the African market.

Mohamed Saif Al Suwaidi, director-general of Abu Dhabi Fund for Development (ADFD) and chairman of the exports executive committee of ADEX, and Khalifa Abdullah Al Qubaisi, deputy director-general of the ADFD, were present at the event.

Al Suwaidi said the agreement with the ECOWAS Bank for Investment and Development underscored ADEX’s effort to support the UAE in developing the export sector, diversifying the economy, and enabling Emirati companies to expand their footprint into Africa.

“The agreement would enable ADEX to offer a credit line to the bank to refinance their lending to importers from its member countries for the purchase of Emirati goods and services,” he added.

Khalil Al Mansoori said the strategic tie-up with the West African bloc complemented 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 by providing flexible and reliable financing, thereby strengthening the presence of Emirati companies in West Africa,” he said.

Dr. George Agyekum Donkor said the agreement would enhance economic and commercial sustainability, benefitting both the bank’s member states and the UAE.

“This partnership is a further illustration of the bank’s continued efforts to mobilise 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,” he said.