ABU DHABI, 1st November, 2022 (WAM) -- The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed an AED36.7 million (US$10 million) line-of-credit agreement with the National Bank of Iraq, part of the Capital Bank Group.

The agreement aims to boost economic cooperation between the UAE and Iraq, which in turn will strengthen bilateral relations, and encourage Emirati companies to export their products to Iraq.

The agreement allows ADEX to open a line of credit with the National Bank of Iraq for the purpose of re-lending importers in Iraq to acquire goods and services from an Emirati Exporters.

The move adds momentum to ADEX's effort to contribute to the economies of both countries and support the UAE's strategy on economic diversification.

The financing agreement was signed virtually by Khalil Al Mansouri, Acting Director-General of ADEX, and Ayman Abu Dhaim, CEO of the National Bank of Iraq.

The ceremony was attended by Mohamed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Export Executive Committee of ADEX, and other senior officials from both sides.

Commenting on the agreement, Al Suwaidi said, "The agreement is part of ADEX's effort to strengthen strategic partnerships with regional and international banks, so it can create opportunities to lend importers to buy our products and services more easily. This will increase the competitiveness of national exports. More importantly, the agreement will enable us to fulfil our common interest of economic development of the two countries."

Abu Dhaim said that the agreement represents an important step towards bolstering economic cooperation between the UAE and Iraq. "Through the facilitation of trade, the two countries will benefit economically, which is what the two nations aspire for. The agreement will allow Iraqi companies to benefit from the competitive financing provided by ADEX, while also supporting Emirati exporters to trade their products in a safe and secure manner," he added.

The Abu Dhabi Export Office aligns with the UAE's strategy to diversify the economy by increasing the competitiveness of the export sector, protecting exporters from financial risks resulting from delays or non-payment and facilitating imports of Emirati goods and services through competitive financing.