National Bank of Iraq, ADEX sign $10m line-of-credit agreement

Abu Dhabi (IraqiNews.com) – The National Bank of Iraq, a member of the Capital Bank Group, and the Abu Dhabi Exports Office (ADEX), the Abu Dhabi Fund for Development’s (ADFD) export-financing division, have agreed to a $10 million line of credit.

By increasing economic collaboration between Iraq and the United Arab Emirates, the pact hopes to improve bilateral ties. Additionally, it will promote Emirati businesses to export goods to Iraq.

According to the agreement, ADEX is permitted to establish a line of credit with the National Bank of Iraq for the purpose of lending Iraqi importers money to buy products and services from Emirati exporters. The action gives ADEX’s efforts to strengthen both nations’ economies and help the UAE’s plan for further economic diversification.

“The agreement is part of ADEX’s effort to strengthen strategic partnerships with regional and international banks, so it can create a opportunities to lend importers to buy our products and services more easily,” said Mohamed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Export Executive Committee of the Abu Dhabi Exports Office.

“Through the facilitation of trade, the two countries will benefit economically, which is what the two nations aspire for,” said Ayman Abu Dhaim, CEO of the National Bank of Iraq. “The agreement will allow Iraqi companies to benefit from the competitive financing provided by ADEX, while also supporting Emirati exporters to trade their products safely and securely.”

“The agreement will enable us to fulfil our common interest of economic development of the two countries,” added Al Suwaidi.