UAE - Mubasher: The Abu Dhabi Exports Office (ADEX), the arm of the Abu Dhabi Fund for Development (ADFD), has inked an AED 22 million ($6 million) loan agreement with Jenaan Pipes & Irrigation Systems, an Egypt-based Emirati firm.
Through the fund, Jenaan will import high-density polyethylene from Borouge, a petrochemicals company, to supply irrigation systems to one of the world’s largest sugar refineries located in Egypt, according to a press release on Wednesday.
The new Jenaan irrigation system will be provided for a new beet farm and the refinery that will produce 900,000 tonnes of sugar annually.
Hence, the refinery will enable Egypt to cut its reliance on sugar imports by 80%.
The Director General of ADFD and Chairman of the Exports Executive Committee of ADEX, Mohamed Saif Al Suwaidi, said: "The accord exemplifies the vision behind the formation of ADEX as a strategic financing partner of national exporters so they can expand their operations abroad."
Meanwhile, the President of Investments and Business Group at Jenaan Investments, Mohammed Al Falasi, remarked: "As a member of Abu Dhabi Food Security Alliance, we are determined to make a significant contribution to the cause in the region. From this perspective, this agreement is a crucial one for Jenaan."
