The agreement entails a revolving financing programme
Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), recently signed an agreement with the Ministry of International Cooperation, Ministry of Finance, and the General Authority for Supply Commodities in Egypt.
The agreement entails a revolving financing program valued at US$100mn, with annual renewals planned over a 5-year term, reaching a total of US$500mn. This initiative aims to facilitate the provision of wheat and essential commodities to the General Authority for Supply Commodities through Al Dahra Agriculture, an Emirati company.
On the UAE’s side, the agreement was signed by HE Mohamed Saif Al Suwaidi, the Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office (ADEX).
Framework Agreement
The Egyptian side was represented by Dr. Rania Al Mashat, Minister of International Cooperation, who signed the framework agreement, while Dr. Mohamed Moait, Minister of Finance, validated the funding guarantee.
“The collaboration among the Abu Dhabi Exports Office, the General Authority for Supply Commodities, and Al Dahra will play a pivotal role in fortifying the strategic reserves of essential agricultural commodities, thereby ensuring the food security of the Egyptian market,” H.E. Al Suwaidi added.
In her statement, Dr. Rania Al Mashat elucidated that the new agreement signifies the profoundness of the strategic ties between Egypt and the UAE. The two nations are committed to augmenting economic integration and advancing joint development endeavors.
Dr. Al-Mashat added that upcoming discussions will focus on exploring further areas of cooperation aligned with Egypt’s developmental priorities and the realization of Egypt’s Vision 2030.
