Abu Dhabi Exports Office opens a USD 20 million line of credit to the ECOWAS Bank for Investment and Development to bolster trade and strategic cooperation.
Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has opened a USD 20 million line of credit with ECOWAS Bank for Investment and Development (EBID) to improve trade and economic cooperation between the UAE and members of the Economic Community of West African States (ECOWAS). The agreement also covers the opening of further credit lines and agreements around joint financing in order to boost the UAE’s exports to African markets.
EBID’s regional role
EBID is a regional development bank that was established by the 15 member states of ECOWAS, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. EBID provides financing for development projects including infrastructure, amenities, rural development, the environment, industry and social services. The organization offers a variety of loan schemes, equity participation, lines of credit, refinancing, financial engineering operations and related services.
Supporting the UAE’s export sector
The agreement was signed by Khalil Al Mansoori, Acting Director-General of ADEX, and Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID. Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD) said of the signing, “The agreement signed with the ECOWAS Bank for Investment and Development underscores 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.” According to Al Suwaidi, the agreement allows for ADEX to offer a credit line to refinance lending to importers from ECOWAS member states to purchase Emirati goods and services.
The agreement is designed to support the development of the UAE’s export sector, the diversification of the economy and the expansion of UAE-based companies into African markets. Al Mansoori said that, “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.”
Economic and commercial sustainability
It is hoped that the agreement will enhance economic and commercial sustainability across West Africa. Dr. Agyekum Donkor commented, “This novel partnership between the EBID and ADEX is a further illustration of the bank’s continued efforts to mobilize 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. This agreement with Abu Dhabi Export Office will facilitate strategic relations between West Africa and the UAE.”
Dubai Chambers registers over 1,600 African companies
Dubai Chambers recently announced that it has registered over 1,600 African companies since October 2021 as trade between the UAE and Africa continues to rise.