Abu Dhabi Exports Office signs $121m in green finance deals with Angola

The agreements were signed by Mohamed Al Suwaidi, Angola’s Finance Minister Vera De Sousa (L) and Faruq Muhammad (R) of Standard Chartered. Photo: Adex

The Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development, has signed two green finance agreements with the government of Angola to support the country’s IT sector and infrastructure projects.

One agreement, worth Dh330 million ($90 million), relates to the acquisition of an analytical platform, main data centre, backup data centre and national cloud platform to strengthen the Angolan IT sector.

The project will be carried out by Presight, a G42 company, which specialises in big data analysis powered by artificial intelligence and cloud computing, Adex said in a statement on Friday.

Another agreement, valued at Dh115 million, will allow Mark Cables, a UAE company specialising in manufacturing cables, lighting, water and electrification projects, to install and maintain street lights in the cities of Luanda, Malanje, N’dalatando and Uíge.

The funding will be provided in co-operation with Standard Chartered, Adex said.

“The two agreements constitute an important starting point for a new phase of developmental co-operation with the government of Angola,” said Mohamed Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the exports executive committee of the Adex.

“They contribute to building efficient partnerships to support the development of modern, environment-friendly infrastructure in Angola in co-operation with well-established UAE companies, as well as companies based in Angola. These activities will also contribute to the efforts to diversify the UAE’s economy.”

The Angolan government would “immensely benefit” from the agreements with Adex, which will help it develop data, as well as financial and educational services, in addition to install modern and sustainable street-lighting systems in major Angolan cities, its Finance Minister Vera De Sousa said.

Set up in 2019, Adex offers financing solutions to exporters to help increase the UAE’s trade volumes and promote its export business in global markets.

Adex provides credit facilities to overseas buyers and importers through direct and indirect loans and guarantees.