Abu Dhabi Exports Office, Capital Bank of Jordan financial deal to boost trade

Abu Dhabi Exports Office (ADEX) – Abu Dhabi Fund for Development’s (ADFD) export-financing arm – has entered a financing agreement with the Capital Bank of Jordan.

The agreement will enable the availability of credit to the tune of Dhs73.4m ($20m) to enhance the UAE’s exports to Jordan and boost the economies of both nations.

Mohamed Saif Al Suwaidi, DG of ADFD and chairman of the Executive Committee for Exports, said: “We are delighted to sign the agreement with Capital Bank of Jordan. It will enable us to work towards fulfilling the vision of our leadership to develop Emirati exports and accelerate the pace of UAE’s economic diversification. This strategic partnership is in line with the UAE Centennial 2071, which aims to take the UAE economy to new heights and double the country’s gross domestic product. The agreement also supports contributes to the consolidating the country’s position as an epicenter of global trade.”

Al Suwaidi added: “We offer loans and guarantees to Emirati exporters to raise their contributions to the economy, increase their ability to expand their global footprint and help them to become globally competitive. The agreement will strengthen strategic collaboration to bolster the export sector in a way that fulfills mutual interests.”

Khalil Al Mansoori, the acting DG of Abu Dhabi Exports Office, said: “This agreement marks a new phase in our effort to develop national exports, advance trade relations between the two countries and create opportunities for Emirati companies to expand and access the global market, all of which helps achieve state policies and diversify the economy.”

Basem Khalil Al Salem, chairman of the board of directors of Capital Bank, expressed his pleasure with this partnership, which called an important step towards developing economic and trade cooperation between the two sides. He hoped that the agreement will contribute to sustainable development in both countries and fulfill other common objectives.

He added that 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.

In other news, ADFD recently inaugurated five colleges in Jordan that were built with a funding of Dhs80.3m.

Read: Abu Dhabi Fund for Development opens five colleges in Jordan