The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed two green finance agreements worth 445 million UAE dirhams ($121.3 million) with the government of Angola.

The financing is provided in cooperation with Standard Chartered Bank, ADEX said in a statement. 

The first agreement, valued at AED330 million ($90 million), relates to acquiring an analytical platform, main data centre, backup data centre and national cloud platform to strengthen the Angolan IT sector. The project will be carried out by Presight, a G42 company specialising in big data analysis powered by artificial intelligence and cloud computing.

The second pact, valued at AED115 million ($31.3 million), will allow Mark Cables, a UAE company in manufacturing cables, lighting, water, and electrification projects, to install and maintain streetlights in the cities of Luanda, Malanje, N’dalatando and Uíge. 

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 that the two agreements constitute an important starting point for a new phase of developmental cooperation with 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,” he stated. 

(Writing by P Deol; Editing by Anoop Menon)