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Abu Dhabi Exports Office joins Sumitomo Mitsui Banking Corporation to provide 135m in financing to Trafigura

Pictured above: Mr. Khalil Al Mansoori, the Acting Director General of Abu Dhabi Exports Office (ADEX), Mr. Nicolas Marsac, Head of Structured and Trade Finance for Trafigura and Mr. Jun Saito, Senior Managing Director, SMBC Bank International plc and Deputy Head of EMEA Division, SMBC during the agreement signing ceremony. Image Courtesy: ADEX

Abu Dhabi Exports Office, the export financing arm of Abu Dhabi Fund for Development; and Japan’s Sumitomo Mitsui Financial Banking Corporation, have joined hands to provide a loan facility of USD135 million to Trafigura, a market leader in the global commodities industry.

ADEX contributed USD125 million of the total facility to support Trafigura’s working capital needs, including for exports of metals, minerals and refined hydrocarbons from the UAE, with SMBC financing the remaining USD10 million and undertaking the role of facility agent and coordinator. The two-year financing will support Trafigura’s continued procurement from the UAE and is part of ADEX’s effort to drive the export of strategic commodities and strengthen the presence of Emirati products in the global market.

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, said: “The loan provided by ADEX and Sumitomo Mitsui Banking Corporation would allow Trafigura to develop broader relations with Emirati exporters and increase the volume of imports of our strategic commodities. Such moves contribute to the UAE’s economic diversification efforts, increasing trade with the rest of the world, and enhancing the presence of Emirati goods in the international market.”

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