Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed an agreement with the Ministry of International Cooperation, the Ministry of Finance, and the General Authority for Supply Commodities in Egypt.
The agreement entails a revolving financing program valued at US$100 million, with annual renewals, planned over a 5-year term, ultimately reaching a total of US$500 million. This initiative aims to facilitate the provision of wheat and essential commodities to the General Authority for Supply Commodities through Al Dahra Agriculture, an Emirati company.
On the UAE’s side, the agreement was signed by His Excellency Mohamed Saif Al Suwaidi, the Director General of the Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee at the Abu Dhabi Exports Office (ADEX). The Egyptian side was represented by Dr. Rania Al Mashat, Minister of International Cooperation, who signed the framework agreement, while His Excellency Dr. Mohamed Moait, Minister of Finance, validated the funding guarantee. Mr. Ahmed Youssef Mansour, Vice President of the General Authority for Supply Commodities, completed the proceedings by signing the financing agreement.
The signing ceremony took place in the presence of a group of distinguished officials, including Khalil Al Mansoori, the Acting Director General of the Abu Dhabi Exports Office, and many senior officials from the UAE and Egypt.
In her statement, Dr. Rania Al Mashat elucidated that the new agreement signifies the profoundness of the strategic ties between Egypt and the UAE. The two nations are committed to augmenting economic integration and advancing joint development endeavors.
She further clarified that the agreement’s revolving financing mechanism aims to fulfill the local wheat market’s requirements in line with the measures adopted by the Egyptian government to bolster food security through soft development funds. She emphasized the continuous cooperation, coordination, and technical collaboration among the ministries of international cooperation, finance, and supply to finalize the agreement.
Moreover, the minister conveyed her gratitude for the enduring development cooperation between Egypt and the Abu Dhabi Fund for Development, a partnership that originated in 1974. This collaboration has led to the funding of over 20 projects valued at around AED4.5 billion across various priority sectors, directly benefiting citizens, particularly in fields like water, health, housing, transportation, and agricultural development. Notably, the UAE’s support has contributed to the establishment of 25 silos in 17 governorates, increasing wheat storage capacity by 1.5 million tons.
Al Mashat concluded that upcoming discussions will focus on exploring further areas of cooperation aligned with Egypt’s developmental priorities and the realization of Egypt’s Vision 2030.
