National Bank of Egypt Signs USD 100M Deal to Fund Imports From UAE
The agreement will empower Emirati exporters by expanding their global presence and boosting their competitiveness.
In a significant development for Egyptian exports, the National Bank of Egypt (NBE) has signed a USD 100 million deal with the Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), to facilitate and support imports from the UAE.
The primary objective of the agreement is to empower Emirati exporters by expanding their international presence and boosting their competitiveness on a global scale.
This collaboration marks the second major deal between NBE and ADEX, cementing a shared commitment to fostering trade between Egypt and the UAE. In August, a USD 500 million agreement was signed 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 has witnessed a 6.5% increase, reaching USD 4.6 billion during the first 11 months of 2022 compared to USD 4.3 billion in the same period of the previous year. This upward trend demonstrates the growing economic ties and the potential for further expansion through strategic partnerships and investment.
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