The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a $10 million (AED36.7 million) line-of-credit agreement with the National Bank of Iraq, part of the Capital Bank Group, in order to boost the bilateral trade between the countries.
The agreement aims to boost economic cooperation between the UAE and Iraq. Further, it will encourage Emirati companies to export their products to Iraq.
The agreement allows ADEX to open a line of credit with the National Bank of Iraq for relending importers in Iraq to acquire goods and services from Emirati Exporters.
The move adds momentum to ADEX’s effort to contribute to the economies of both countries and support the UAE’s strategy on economic diversification.
Mr. Mohamed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development and Chairman of the Export Executive Committee of the Abu Dhabi Exports Office, said that, “The agreement is part of ADEX’s effort to strengthen strategic partnerships with regional and international banks, so it can create opportunities to lend importers to buy our products and services more easily. This will increase the competitiveness of national exports. More importantly, the agreement will enable us to fulfill our common interest of the economic development of the two countries.”
Mr. Ayman Abu Dhaim, CEO of the National Bank of Iraq, stated that the agreement represented an important step towards bolstering economic cooperation between the UAE and Iraq.
“Through the facilitation of trade, the two countries will benefit economically, which is what the two nations aspire for. The agreement will allow Iraqi companies to benefit from the competitive financing provided by ADEX, while also supporting Emirati exporters to trade their products safely and securely,” Mr. Abu Dhaim added.
