Abu Dhabi, UAE — Abu Dhabi Exports Office (ADEX), the export financing arm of Abu Dhabi Fund for Development, and Japan’s Sumitomo Mitsui Banking Corporation (SMBC), have joined hands to provide a loan facility of US$135 million to Trafigura, a multinational commodity trading company.
ADEX contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE. SMBC financed the remaining $10 million and undertook the facility agent and coordinator role, WAM reported.
The two-year financing will support Trafigura’s continued procurement from the UAE and is part of ADEX’s effort to drive the export of strategic commodities and strengthen the presence of Emirati products in the global market, the report said.
Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development and ADEX Chairman, said, “The loan provided by ADEX and SMBC would allow Trafigura to develop broader relations with Emirati exporters and increase the volume of imports of our strategic commodities.”
Nicolas Marsac, Head of Structured and Trade Finance for Trafigura, stated, “We are pleased to work with the Abu Dhabi Exports Office and SMBC to export UAE’s strategic minerals and energy products to international markets. This is an important cooperation as we continue to grow our commercial activity in the UAE.”