ADEX, Mashreq, and ADCB lend BGN USD 100 mn to ramp up UAE energy exports

BGN lands USD 100 mn from ADEX, Mashreq and ADCB: Our friends at Mashreq, along with Abu Dhabi Exports Office (Adex) — the export arm of Abu Dhabi Fund for Development — and Abu Dhabi Commercial Bank (ADCB), have agreed to provide global energy trader BGN a revolving credit agreement worth up to USD 100 mn, state news agency Wam reports. The agreement marks BGN’s first loan from regional lenders.

Where will the funds go? The proceeds will help BGN “expand its global reach across a range of commodity classes,” according to ADCB Group Chief Business Officer Abdulla Al Shamsi.

>USD 100 mn? The syndicated loan is embedded with an accordion feature that allows for additional funding from regional and overseas lenders.

Helping boost trade in the UAE: The partnership between Adex and Mashreq to provide the financing package will also help “support the strategic objective of UAE’s economic diversification and strengthen UAE’s position as a global leader in trade, energy and commodities,” Head of Corporate and Investment Banking at Mashreq Joel Van Dusen said.