ABU DHABI: Abu Dhabi Commercial Bank announced a financing agreement with Abu Dhabi Terminals (ADT) for the development of the Khalifa Port Container Terminal (KPCT); the region’s first semi-automated and most technologically advanced container terminal.
The AED 300 million agreement marks the first long-term finance solution for ADT, and extends ADCB’s relationship with the terminal operator to include its complete suite of products and services. ADCB will act as the sole provider of cash management, interest rate and lending services to support ADT’s ambitious growth strategy and contribute to its local and global competitiveness.
Colin Fraser, Head of Wholesale Banking at ADCB said “ADCB is committed to playing an integral role in the development of the UAE’s critical infrastructure and is proud to be the key relationship bank for Abu Dhabi Terminals. This facility exemplifies the excellent, strategic engagement we have with ADT. We look forward to supporting the company in the future.”
ADCB’s facilities will be utilized primarily for capital expenditure, corporate services, and the re-financing of an existing short-term bridge loan. The deal is one of many initiatives undertaken by ADCB to encourage and support the socio-economic progress of Abu Dhabi through the Emirate’s strategic development goals. In line with Abu Dhabi’s vision for 2030, ADCB is setting new banking services standards for the country’s future and investing in its people, sectors and long-term policies.
