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DUBAI: The Abu Dhabi Fund for Development (ADFD) allocated 735 million dirhams ($200 million) to support the country’s export economy, it said in a statement.
The budget allocation, which is up by a third from last year, goes to Abu Dhabi Exports Office (ADEX) – a state-owned credit facilities provider for foreign importers. It was established to boost and open new markets for UAE exports.
“National export companies can leverage the financial support and protection of ADEX to grow their international operations at a time when overseas buyers continue to face supply chain disruption and liquidity challenges,” Mohammed Saif Al-Suwaidi, director general of ADFD, said.
He said boosting ADEX’s budget was part of a long-term strategy for the country’s export economy, and the wider push for economic diversification.
The exports office has been training local companies on how to better use export financing to overcome cash flow challenges, particularly during the COVID-19 pandemic.
“Our nation’s exporters are now better equipped to understand how to leverage this new AED735 million in export financing to expand international operations,” Saeed Al-Dhaheri, acting director general of ADEX, said.
ADEX committed about $136 million to overseas buyers in 2020.