The Abu Dhabi Exports Office (ADEX) has released further credit funding for the Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID).
ECOWAS Bank for Investment and Development
ADEX has opened a US$20 million line of credit to the EBID to finance imports from ECOWAS Member States. This announcement was outlined in a 28 June 2022 press release from the Abu Dhabi Development Fund.
Abu Dhabi Exports Office
The Abu Dhabi Exports Office (ADEX) is a division of the Abu Dhabi Development Fund. To further support ECOWAS initiatives, ADEX has opened a line of credit worth US$20 million to the EBID. This line of credit can be used to finance imports by companies in ECOWAS member states for the purchase of goods and services from the UAE.
“The agreement signed with the ECOWAS Bank for Investment and Development underscores ADEX’s effort to support the UAE in developing the export sector, diversifying the economy, and enabling Emirati companies to expand their footprint into Africa. This will strengthen relations between the two entities, leading to fulfilment of common interests and acceleration of economic growth in West Africa and the UAE,” stated H.E Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and Chairman of the Exports Executive Committee of Abu Dhabi Exports Office (ADEX).
Emirati companies in Sub-Saharan Africa
Khalil Al Mansoori, acting director general of ADEX, notes that this agreement follows the one signed in 2021 between ADEX and the Trade and Development Bank of Eastern and Southern Africa (TDB), strengthening the presence of Emirati companies in sub-Saharan Africa.
ECOWAS development
There are 15 member states that form part of ECOWAS. These are: Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
Infrastructure development is a vital component for the development of emerging economies. At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.8 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform.