UAE bank inks deal to strengthen trade links with Mexico

A general shot of Mexico City. (For illustrative purposes only)

A general shot of Mexico City. (For illustrative purposes only)

Emirates Development Bank has 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 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, a statement said.

The scope of the agreement will allow for the exchange of information to share from experiences, and resources and expertise with a focus on small and medium enterprises (SMEs).

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 use of various financial products.

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.”

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