UAE - Mubasher: Abu Dhabi Exports Office (ADEX) has signed a credit agreement worth AED 110.2 million ($30 million) with the Eastern and Southern African Trade and Development Bank (TDB) to strengthen the trade between the UAE and the bank's member states.

The trade finance facility agreement is the first of its kind to be signed by ADEX, the arm of Abu Dhabi Fund for Development (ADFD), with a foreign financial institution, according to a press release on Monday.

Under the agreement, ADEX will grant TDB a line of credit to provide loans to buyers and importers from the bank's member states to purchase goods and services from the UAE sources.

In addition to the facility, a cooperation agreement was inked between ADEX and TDB to explore opportunities to co-finance qualifying transactions, establish additional lines of credit, and encourage the exchange of information.

The Acting Director General of ADEX, Saeed Al Dhaheri, added: "This is not only a difficult time for UAE exporters, but it is also a challenging time for their overseas buyers, particularly smaller importers who cannot access any direct credit facilities from export-financing institutions."

Meanwhile, the TDB Group Managing Director and CEO, Admassu Tadesse, remarked: "The statistics signal a growing interest of businesses in the UAE and our region to build stronger trade relations."