Emirates News Agency – The Abu Dhabi Export Office has signed a revolving finance program agreement with the Egyptian government to supply wheat worth $100 million over 5 years.

ABU DHABI, 15th August, 2020 (WAM) — Abu Dhabi Office for Exports (ADEX), affiliated with the Abu Dhabi Fund for Development, has signed agreements with the Ministries of International Cooperation and Finance and the General Authority for Supplies. In the Arab Republic of Egypt, for an annually renewed $100 million revolving financing scheme for a further 5 years, with a total funding of US$500 million, for the supply of wheat and strategic commodities to the General Authority through the Emirati Agricultural Al Tahra Company.

His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Development Fund and Chairman of the Executive Committee for Exports of the Abu Dhabi Office for Exports, signed the agreements in the UAE. On the Egyptian side, Dr. Rania Al Mashad, Minister of International Cooperation, signed the Framework Agreement, and Finance Minister Dr. Mohamed Moyed, signed the Funding Guarantee Agreement, and Ahmed Youssef Mansour, Deputy Chairman of the General Commission for Supplies, signed the Funding Agreement.

The signing ceremony was attended by Khalil Fadel Al Mansouri, Acting Director General of the Abu Dhabi Export Office and several senior officials from both countries.

Speaking at the ceremony, His Excellency Mohammed Saif Al Suwaidi said: This agreement represents a precedent for the excellent relations between the United Arab Emirates and the Arab Republic of Egypt. The agreement also comes in light of efforts by the Abu Dhabi Fund for Development to maintain strategic cooperation with the Egyptian government, and the agreement helps expand the volume of trade to achieve economic benefit. Both countries.

The partnership between the Office of Exports in Abu Dhabi, the General Authority for Distribution Commodities and Al Tahra Agricultural Company will contribute to strengthening the strategic presence of basic agricultural crops to ensure food security in the Egyptian market and in Abu Dhabi. The Export Office will work through this agreement to provide credit facilities that enhance the availability of exports.” Emirati companies in regional and global markets contribute to the diversification of the UAE economy and increase its growth prospects.

Dr. In her opinion, Rania Al-Mashad explained that the new agreement reflects the deepening of strategic relations between Egypt and the UAE and reflects the interest in promoting economic integration and advancing joint development efforts. The local market for wheat will be met in the light of the Egyptian government’s actions. The agreement to conclude indicates international cooperation, cooperation between ministries of finance and supply, continuous coordination and technical cooperation to improve food security through soft development funds.

The Minister of International Cooperation praised the development cooperation relations with the Abu Dhabi Fund for Development, which was launched in 1974, and which has resulted in the financing of more than 20 projects worth about 4.5 billion dirhams in various priority sectors that benefit citizens. , the health, housing, transport and agricultural development sectors, the UAE has funded the opening of 25 silos in 17 governorates to increase wheat storage capacity by 1.5 million tonnes, and the coming period will see discussions on many areas of future cooperation. Illumination of Egypt’s development priorities and Egypt’s Vision 2030 implementation.

Al Tahra Group CEO Arnaud van den Berg said, “Al Tahra is working to meet the growing demand for food products in countries around the world and this agreement is in line with our goals and commitment to achieve them.” Food security for the countries we invest in, including the Arab Republic of Egypt In the last three years, Al Tahra Agricultural Company has supplied more than 180 thousand tons of wheat to the Egyptian market at competitive prices. , which allowed us to become the largest supplier of wheat from the private sector to the General Authority for Supply in Egypt.

Al Tahra Company cultivates 28 thousand hectares of staple crops and fodder to ensure the sustainability of food security in Egypt, and 85% of food products are supplied locally by Al Tahra farms, which has contributed to reducing the burden of external imports. The global production of grains and oilseeds at the Egyptian government and company level is about 600 thousand metric tons.

It is noteworthy that the Abu Dhabi Office for Exports, established by the Abu Dhabi Fund for Abu Dhabi Development in 2019, works to promote national exports through the financial solutions it provides, with the aim of helping Emirati companies expand and improve their business scope. Their competitiveness to access global markets.ADX offers guarantees to procure goods and services from Emirati exporters. Development of national economy and diversification of sources of income.