The financing is provided in cooperation with Standard Chartered Bank
Abu Dhabi Exports Office has closed two green finance agreements with Angola, valued at Dhs445m ($121.3m).
The financing is being provided in cooperation with Standard Chartered Bank.
One deal, valued at Dhs330m ($90m), concerns the acquisition of an analytical platform, main data centre, backup data centre, and national cloud platform to bolster the IT sector in Angola, according to the state news agency, WAM.
The project will be carried out by Presight, a G42 company, which specialises in big data analysis powered by artificial intelligence and cloud computing.
The other agreement, valued at Dhs115m ($31.3m), will see Mark Cables, a UAE company specialising in manufacturing cables, lighting, water, and electrification projects, install and maintain streetlights in Luanda, Malanje, N’dalatando and Uíge.
Abu Dhabi Exports Office builds partnership
Mohamed Saif Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the Exports Executive Committee of Abu Dhabi Exports Office, 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, reported WAM.
Vera Esperança dos Santos Daves De Sousa, Minister of Finance in Angola said the Angolan government would immensely benefit from the agreements with Abu Dhabi Exports Office, as they would enable it to develop data, as well as financial and educational services, and install modern and sustainable street lighting systems in major Angolan cities.
Supporting Angola’s economy
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.”
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.
“All this makes Abu Dhabi Exports Office 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 Abu Dhabi Exports Office for many such meaningful initiatives,” De Martino added.
Faruq Muhammad, global head of Structured Export Finance of Standard Chartered Bank said: “We are extremely proud to join hands with Abu Dhabi Exports Office 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 utilising our global network.”
In other news, in December 2022, Abu Dhabi Exports Office signed an agreement with Togo’s Ministry of Economy and Finance.
The cooperation aims to increase Mohammed bin Zayed Solar Park’s production capacity in the nation from its current 50 megawatts to 70 megawatts. In addition, the financing will help procure a 4MWh solar energy production storage system.
Under the agreement, the Abu-Dhabi-based entity will provide a loan of Dhs92m ($25m), while the Emirati company EMEA Power will undertake the construction and operation of the new complex. This agreement came on the heels of a provision of Dhs37m ($10m) in financing from the Abu Dhabi Exports Office in January 2022.
The total value of ADEX’s financial contribution towards Mohamed bin Zayed Solar Park in Togo amounts to Dhs128.5m ($35m).
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