The global commodities market leader Trafigura has partnered with Japan’s Sumitomo Mitsui Financial Banking Corporation (SMBC) and Abu Dhabi Exports Office (ADEX), the export financing division of the Abu Dhabi Fund for Development. The loan facility totals USD 135 million and will be made available to Trafigura.
In order to support Trafigura’s working capital requirements, including exports of metals, minerals, and refined hydrocarbons from the UAE, ADEX contributed US$ 125 million to the overall facility. SMBC provided the final USD10 million while also serving as the facility agent and coordinator. The two-year financing will help Trafigura keep buying UAE goods, and it is a part of ADEX’s initiative to promote the export of key commodities and boost the visibility of Emirati goods on the international market.
The Honorable “The loan provided by ADEX and SMBC would allow Trafigura to develop deeper ties with Emirati exporters and increase the volume of imports of our strategic commodities,” said 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. Such actions support the UAE’s efforts to diversify its economy by boosting trade with other countries and boosting the visibility of Emirati products on the global market.
“We are delighted to work with the Abu Dhabi Exports Office and SMBC to export UAE’s critical minerals and energy products to international markets,” said Nicolas Marsac, Head of Structured and Trade Finance for Trafigura. As we expand our business activity in the UAE, this cooperation is crucial.
