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ADEX signs AED445 million green finance agreements with Angola

Abu Dhabi, 10 Feb 2023
The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed two green finance agreements with the government of Angola, valued at AED445 million (US$121.3 million). The financing is provided in cooperation with Standard Chartered Bank.

One agreement, valued at AED330 million (US$90 million), relates to the acquisition of an analytical platform, main data center, backup data center and national cloud platform in order to strengthen the Angolan IT sector. The project will be carried out by Presight, a G42 company, which specializes in big data analysis powered by artificial intelligence and cloud computing.

The other agreement, valued at AED115 million (US$31.3 million), will allow Mark Cables, a UAE company specialized in manufacturing cables, lighting, water, and electrification projects, to install and maintain streetlights in the cities of Luanda, Malanje, N’dalatando and Uíge.

The two agreements were signed by His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office; Her Excellency Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola; Thomas Pramotedham, CEO of Presight; and Faruq Muhammad, Global Head of Structured Export Finance of Standard Chartered Bank. The ceremony was attended by H.E. Khalifa Al Qubaisi, Deputy Director General of ADFD; Alexis Bayigamba, Chairman of Mark Cables; Khalil Al Mansouri, Acting Director General of ADEX; and several other officials.

H.E. Al Suwaidi said: “The two agreements constitute an important starting point for a new phase of developmental cooperation with the government of Angola. They contribute to building efficient partnerships to support the development of modern, environment-friendly infrastructure in Angola in cooperation 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.” He expressed hope that ADEX’s cooperation with the Angolan government would exponentially develop in the future, which would economically benefit both the UAE and Angola, as well as UAE enterprises through accelerated commercial and economic activities.

Her Excellency De Sousa expressed delight at the agreements, which she said would broaden the horizon for developmental cooperation between Angola and the UAE. She thanked the UAE for its initiative to develop economic cooperation with her country, acknowledging that the Angolan government would immensely benefit from the agreements with ADEX as they would enable it to develop data, as well as financial and educational services, in addition to install modern and sustainable street lighting systems in major Angolan cities.

Thomas Pramotedham, CEO of Presight, said: “We are very pleased to be a part of Angola’s digital transformation that will unlock growth and support the nation’s economy. This agreement will contribute to accelerating Angola’s digital vision and set the path for its future prosperity. The UAE has always been a strong ambassador for digital transformation, and we at Presight are proud to play our role in realizing this mission. We now look forward to working closely with the Angolan government and other stakeholders for a mutually rewarding relationship.”

Francesco De Martino, Group CEO of Mark Cables, called the agreement an important step towards driving the UAE’s export sector. “As part of the street lamination project, we will export lights, poles, cables, and transformers to Angola. These cables and transformers are manufactured in the UAE. The rest of the material will also be procured from the UAE,” he said.

Mr. De Martino also praised ADEX for its professionalism and competitive loan facility. “All this makes ADEX not only our partner of choice, but the most essential component in our effort to implement the important green project, which will enhance safety, security, and the quality of life in the capital. We would love to have a long-term partnership with ADEX for many such meaningful initiatives,” he added.

Faruq Muhammad of Standard Chartered Bank said: “We are extremely proud to join hands with ADEX and structure facilities that support the energy efficiency efforts in Angola and assist UAE companies like G42 and Mark Cables to expand into international markets through utilizing our global network. Standard Chartered’s unique footprint accompanied with the bank’s on-ground expertise across the Middle East & Africa region and unrivalled know-how of Export Credit Agencies (ECAs), connect our clients globally and provide them with seamless access to credit that fulfil their financing needs.”