ADEX receives financing from CBD + SMBC: The Abu Dhabi Exports Office (ADEX) — the export financing arm of Abu Dhabi Fund for Development (ADFD) — inked a AED 863 mn (USD 235 mn) syndicated loan agreement with the Commercial Bank of Dubai (CBD) and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to support Singapore-based trading firm Trafigura in acquiring commodities from the UAE, according to a statement.

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The breakdown: ADEX has allocated USD 150 mn to facilitate Trafigura’s acquisition of UAE-produced commodities across several industries, including energy, metals, and minerals. CBD contributed with USD 65 mn, while SMBC contributed USD 20 mn.

ICYMI- Trafigura inked a two-year agreement for a USD 150 mn revolving credit facility with Etihad Credit Ins. and multiple UAE-based banks to boost UAE exports in September2024.

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