Egyptian state bank gets USD 100 mn loan from ADEX for Emirati imports: Abu Dhabi Exports Office (ADEX) — the export-financing arm of Abu Dhabi Fund for Development (ADFD) — inked an agreement for a USD 100 mn revolving loan with the National Bank of Egypt (NBE) will fund Emirati imports and help boost cross-border trade relations, Emirati news agency WAM reports. The agreement comes in a bid to boost trade between the two countries, WAM adds.

What they said: “The financing extended by ADEX represents a significant stride forward – a mission that actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries,” Director General of ADFD and Chairman of the Exports Executive Committee of ADEX Mohamed Saif Al Suwaidi said.

That’s not the first loan ADEX has handed to Egypt: ADEX in August provided Egypt with a five-year USD 100 mn revolving loan to purchase some USD 500 mn worth of wheat from Emirati agribusiness Al Dahra.

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