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, under which AED73.4 million ($20m) will be opened to support collaborative efforts to enhance UAE’s exports to the region and boost economies of the two countries.
The agreement will allow ADEX to open a credit line with Capital Bank that can re-lend importers on competitive terms to buy Emirati goods and services, said Khalil Al Mansoori, Acting Director-General of ADEX.
The agreement was signed at the bank’s headquarters in Jordan by Khalil Al Mansoori and Daoud Al Ghoul, CEO of Capital Bank Group.
Mohamed Saif Al Suwaidi, ADFD Director-General and Chairman of the Executive Committee for Exports said the agreement 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”.
“The agreement also supports contributes to the consolidating the country’s position as an epicenter of global trade,” Al Suwaidi.
Daoud Al-Ghoul said, “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.”