Abu Dhabi, UAE— The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed two green finance agreements with the government of Angola, valued at AED445 million ($121.3 million).
The financing is provided in cooperation with Standard Chartered Bank. One agreement, valued at AED330 million ($90 million), relates to the acquisition of an analytical platform, main data center, backup data center and national cloud platform to strengthen the Angolan IT sector.
The project will be carried out by Presight, a G42 company, which specializes in big data analysis powered by artificial intelligence and cloud computing.
The other agreement, valued at AED115 million ($31.3 million), will allow Mark Cables, a UAE company specialized in manufacturing cables, lighting, water, and electrification projects, to install and maintain streetlights in the cities of Luanda, Malanje, N’dalatando and UÃge.
The two agreements were signed by Mohamed Saif Al Suwaidi, ADFD Director-General and Chairman of the Exports Executive Committee of ADEX; Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola; Thomas Pramotedham, CEO of Presight; and Faruq Muhammad, Global Head of Structured Export Finance of Standard Chartered Bank.