Abu Dhabi, UAE — Abu Dhabi Exports Office (ADEX), the export financing arm of Abu Dhabi Fund for Development (ADFD), and its strategic partners in the banking field Mashreq and Abu Dhabi Commercial Bank (ADCB), have signed a financing facility with the global energy and commodities trading company BGN.
The strategic collaboration sets the stage for a financing arrangement, offering up to $100 million to facilitate the export of energy commodities from the UAE.
The syndicated financing arrangement, a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
Al Suwaidi said, “ADEX believes in partnering with banks and other financial institutions towards a common goal, which is rooted in the understanding that collective efforts produce results. Our collaboration with BGN is part of our endeavor to create opportunities for establishments that contribute significantly to our national economy.”
Yannick Luce, Chief Financial Officer of BGN, said, “As BGN continues to grow and diversify its trading activity across various commodity classes and geographies, so our financing needs will continue to expand and evolve. This new up to $100m syndicated revolving credit facility will complement our existing strong liquidity base and healthy banking relationships across the Middle East, Asia, North America, Europe and Africa.”
