Abu Dhabi Exports Office signs $30m trade finance deal with TDB
Abu Dhabi Exports Office (ADEX), the export finance arm of the Abu Dhabi Fund for Development, has signed a $30 million trade finance agreement with the Eastern and Southern African Trade and Development Bank (TDB). The deal is to bolster trade between the UAE and the TDB's member states.
As part of the agreement, ADEX will provide loans through the TDB to buyers and importers from the bank’s member states for purchasing goods and services from the UAE. The partnership is the first of its kind to be signed by ADEX with a foreign financial institution.
Adex was set up last year by ADFD to help drive international trade by providing loans and guarantees to overseas buyers seeking to import goods and services from the UAE. Earlier this year, ADFD allocated Dh735 million ($200 million) to the Abu Dhabi Exports Office to spur economic diversification and boost exports.
