ADEX signs $20mn financing deal with Capital Bank of Jordan

By Arya M Nair, Intern Reporter
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ADEX-CBJ
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Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with Capital Bank of Jordan (CBJ), under which a credit line of around $20 million will be opened to enhance UAE’s exports to the region and boost economies of the two countries.

The agreement was signed by Mr. Khalil Al Mansoori, Acting Director-General of ADEX, and Mr. Daoud Al Ghoul, CEO of Capital Bank Group. The signing ceremony was attended by Mr. Mohamed Saif Al Suwaidi, ADFD Director-General and Chairman of the Executive Committee for Exports, Mr. Basem Khalil Al Salem, Chairman of the Board of Directors of Capital Bank, and other officials from both sides.

Mohammed Saif Al Suwaidi
Mohammed Saif Al Suwaidi
Director General – ADFD

“We are delighted to sign the agreement with Capital Bank of Jordan. It will enable us to work towards fulfilling the vision of our leadership to develop Emirati export and accelerate the pace of UAE’s economic diversification. This strategic partnership is in line with the UAE Centennial 2071, which aims to take the UAE economy to new heights and double the country’s gross domestic product. The agreement also supports contributes to the consolidating the country’s position as an epicenter of global trade.”

Mr. Al Suwaidi also highlighted ADEX’s plans to target new and promising regional and global markets. “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,” Mr. Al Suwaidi added.

Mr. Al Ghoul said that “We are proud to sign the agreement with the Abu Dhabi Exports Office, as it will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the UAE. The agreement will enable Jordanian companies to benefit from the competitive advantage offered by ADEX to its customers to purchase Emiratis products in a safer and easier way.”

“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 help achieve state policies and diversify the economy,” Mr. Al Mansouri said.

Related: UAE Ministry of Economy unveils ‘ScaleUp Export’ program for SMEs


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