19 January 2016
· EDB signs agreement with Banco Nacional De Comercio Exterior to enhance trade and economic cooperation

· The agreement was signed on the sidelines of UAE-Mexico Business Forum today

Abu Dhabi, UAE: Emirates Development Bank ("EDB" or "the Bank") has today signed an agreement of cooperation with Banco Nacional De Comercio Exterior (Bancomext) - Mexico's state owned development bank - to strengthen trade and economic ties between the UAE and Mexico. The agreement was signed on the sidelines of UAE-Mexico Business Forum held today at Jumeirah Mina A'Salam Hotel in Dubai as part of an official visit by Government of Mexico to the UAE led by President Enrique Pena Nieto.

The purpose of the agreement will be to help develop long-term friendly cooperation relationships between the banks in order to promote cooperation between the UAE and Mexico to facilitate opportunities for trade and commerce. The agreement was signed by Rashid Mahboob Musabih, Acting CEO of Emirates Development Bank and Alejandro Diaz de Leon Carillo, CEO of Bancomext.

The scope of the agreement will allow for the exchange of information in order to share from experiences, and resources and expertise with a focus on Small and Medium Enterprises (SMEs). Information will include knowledge on the respective markets including distribution channels, information on the introduction/formation of companies and associated administrative procedures. In addition, information will be shared on business opportunities that may benefit UAE and Mexican companies. Both banks will also actively explore opportunities for further cooperation on the utilization of various financial products. This will include possible visits between the banks to each respective country.  

Commenting on the agreement by Rashid Mahboob Musabih, Acting CEO of Emirates Development Bank said: "We are delighted to sign this agreement with Bancomext to forge closer economic and business ties with Mexico. Both banks have a shared objective to support and enhance the economic growth of our countries through encouraging trade and innovation. The SME sector is a catalyst for growth in both our countries and we must continue to work to support our growing businesses through collaborative partnerships like this.

"This agreement also marks the continued evolution of Emirates Development Bank as we look to develop economic ties across the world for the benefit of our citizens and our country." 

Established in 2011 under a decree issued by the President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, EDB's vision is to help build a diverse national economy founded on the private sector and in which citizens can access suitable accommodation by providing finance at an affordable economic cost. The bank also provides support, investment and innovative banking solutions to SME.

-Ends-

About Emirates Development Bank
Emirates Development Bank is a federal financial institution, established by virtue of the Federal Law no. 7 of 2011 concerning the Establishment of Emirates Development Bank. Emirates Development Bank's objective is to be a financially sustainable and independent bank supporting the economic Development Agenda of the UAE. The strategic Direction of Emirates Development Bank's based on the financing of housing sector, financing of Small and Medium Entrerprises (SMEs) and the financing of vital infrastructure sectors.

About Banco Nacional De Comercio Exterior (Bancomext)
Bancomext, is a state financial institution acting as a Mexican government development bank duly organized under the laws of Mexico, and under its own law and regulation (Ley Organica del Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Law of the National Bank of Foreign Trade or Bancomext Law enacted on January 20, 1986 and its Reglamento Orgánico del Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito,  Internal Regulation of the National Bank of Foreign Trade, or Internal Regulation enacted April 2, 1991) committed to financing foreign trade, and to enhancing the international competitiveness of Mexican products and services by establishing short, medium, and long term credit and guarantee programs.

For more information please contact:
Tameem Alkintar/Tom Drummond
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Email: Tameem.Alkintar@bm.com/Tom.Drummond@bm.com 

© Press Release 2016