RIYADH: In a move aimed at reinforcing economic and trade relations between the UAE and Egypt, Abu Dhabi Exports Office, the export-financing arm of Abu Dhabi Fund for Development, has signed a pivotal financing agreement with the National Bank of Egypt. Under the agreement, a revolving loan facility worth $100 million has been established, aimed at supporting UAE export transactions to Egypt. The initiative is strategically designed to bolster economic activities and cross-border relations, further enhancing the trade landscape between the two countries, according to a report by the Emirates News Agency, also known as WAM. “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,” said Mohamed Saif Al-Suwaidi, director general of ADFD and chairman of the exports executive committee of ADEX. He further articulated that this financial agreement serves as a catalyst to propel ADEX’s aspirations to penetrate emerging regional and international markets. “Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale, thus increase their contribution to the economy,” Al-Suwaidi added. This agreement marks a milestone in ADEX’s ongoing efforts to strengthen cooperation not only with Egypt but also with other international partners. It is the culmination of unilateral agreements signed by each party and subsequently combined to cement the collaboration. ADEX’s primary role is to offer loans and guarantees to Emirati exporters to boost their economic contributions and encourage global outreach. This significant partnership reflects a strategic alignment aimed at strengthening the export sector. In August, ADEX signed an agreement to supply Egypt with $500 million worth of fresh grain in collaboration with Al-Dahra, a UAE-based agribusiness. The agreement will span across five years with $100 million worth of supply per year to provide Egypt with imported wheat at competitive prices.