National Bank of Egypt branch. Ahram Gate.
The financing will be provided by the Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD).
“Our aim is to empower Emirati exporters to expand their international presence and enhance their competitiveness on a global scale; thus increasing their contribution to the economy," said Mohamed Saif Al-Suwaidi, the director-general of ADFD.
The deal with NBE, Egypt's biggest state-owned bank, is the second with the ADEX to boost trade with the UAE. A $500 million agreement was signed in August with the Ministry of Finance to finance wheat imports through the UAE's Al-Dahra Agricultural Company.
The trade volume between Egypt and the UAE increased by 6.5 percent to $4.6 billion during the first 11 months of 2022, up from $4.3 billion in the same period in 2021.
The ADFD, which was founded in 1971 as the UAE's foreign aid organization, provides concessionary loans to finance initiatives for social and economic development in various countries.