This initiative seeks to boost economic activities and promote cross-border trade relations, further enhancing trade between both countries.
Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed a financing agreement with the National Bank of Egypt (NBE), to reinforce trade and economic relations between the UAE and Egypt.
Under the agreement, a loan facility of $100 million has been established, to support transactions involving UAE exports to Egypt. This initiative seeks to boost economic activities and promote cross-border trade relations, further enhancing trade between both countries.
“The agreement with the National Bank of Egypt aligns with our leadership’s vision, demonstrating its dedication to strengthening national exports. The financing extended by ADEX represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries,” Mohamed Saif Al Suwaidi, the Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office, said in a the press statement.
The trade exchange between Egypt and the UAE increased by 6.5% to $4.6 billion during the first 11 months of 2022, compared to $4.3 billion in the same period in 2021.
In addition to that, UAE investments in Egypt reached $5.7 billion during the 2021/2022 fiscal year, a 300.8% increase from $1.4 billion in the previous fiscal year of