A line of credit agreement was signed in Abu Dhabi, on Thursday between Arab Trade Financing Program (ATFP), domiciled in Abu Dhabi and Abu Dhabi Commercial Bank, one of ATFP's National Agencies in the United Emirates. Dr. Jassim Al Mannai, Chief Executive Chairman of the Board, signed the agreement on behalf of ATFP and Mr. Eirvin Knox, Chief Executive Officer signed on behalf of ADCB.
The line of credit extended to ADCB amounts to US$ 35 million, to be utilized in financing foreign trade transactions for UAE exporters and importers. The number of lines of credit extended by the Program to the National Agencies in the UAE is 7 times of credit for the aggregate amount of US$ 117 million, ATFP has 13 National Agencies from among the Banks and Financial Institutions in the UAE.
In a statement made on this occasion, Dr. Al Mannai emphasized the role played by the National Agencies and pointed out the importance of the credit facilities, trade information and trade promotion services provided by ATFP in enhancing the capabilities and competitiveness of the Arab exporters. Dr. Al Mannai added that ATFP's services compliment the efforts made to develop Arab trade and to achieve economic integration among the Arab countries. He noted that the ATFP's mission is in line with the objectives of the Arab Free Trade Area and called upon on the National Agencies to maximize their utilization of the Program's facilities and services to assist in the development of the Arab economies.
In a separate statement Mr. Knox commended the role played by the Arab Trade Financing Program through the trade financing facilities and other trade related services it provides, and its contribution to developing Arab trade and enhancing the competitiveness of Arab producers and exporters. (menareport.com)
© 2004 Mena Report (www.menareport.com)
