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ADEX signs over AED 73m deal with Jordan's Capital Bank

ADEX signs over AED 73m deal with Jordan's Capital Bank
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UAE - Mubasher: The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has penned a financing agreement with Capital Bank of Jordan.

The AED 73.40 million deal aims to reinforce the UAE’s exports and boost economic relations between the two countries, according to a press release on Tuesday.

Khalil Al Mansoori, Acting Director-General of ADEX, noted that the fund will collaborate with the Jordanian lender to open a credit line that can re-lend importers on terms to buy Emirati goods and services.

Mohamed Saif Al Suwaidi, Director General of ADFD, said: “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.”

Daoud Al Ghoul, CEO of Capital Bank Group, said: “[The agreement] will allow us to offer additional financing to our corporate clients at preferential rates, which will strengthen their business with the UAE.”