The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed two green finance agreements with the government of Angola, valued at US$121.3 million.
One of the agreements, valued at $90 million, is related to the acquisition of an analytical platform, a main data center, a backup data center, and a national cloud platform to strengthen the Angolan IT sector. The project will be carried out by Presight, a G42 company that specialises in big data analysis powered by artificial intelligence and cloud computing.
The other agreement, valued at $31.3 million, will allow Mark Cables, a UAE company specialised in manufacturing cables for lighting, water, and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando, and Uíge.
The two agreements were signed by Mr. Mohamed Saif Al Suwaidi, ADFD Director-General and Chairman of the Exports Executive Committee of ADEX, Ms. Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola, Mr. Thomas Pramotedham, CEO of Presight, and Mr. Faruq Muhammad, Global Head of Structured Export Finance at Standard Chartered Bank.
“The two agreements constitute an important starting point for a new phase of developmental cooperation with the government of Angola. They contribute to building efficient partnerships to support the development of modern, environment-friendly infrastructure in Angola in cooperation with well-established UAE companies, as well as companies based in Angola. These activities will also contribute to the efforts to diversify the UAE’s economy.”
Ms. De Sousa thanked the UAE for its initiative to develop economic cooperation with her country, acknowledging that the Angolan government would immensely benefit from the agreements with ADEX, as they would enable it to develop data as well as financial and educational services, in addition to installing modern and sustainable street lighting systems in major Angolan cities.
Mr. Pramotedham commented that “we are very pleased to be a part of Angola’s digital transformation that will unlock growth and support the nation’s economy. This agreement will contribute to accelerating Angola’s digital vision and set the path for its future prosperity.”