16/08/2005 – A line of credit agreement was signed on Tuesday 16 August 2005 in Abu Dhabi, between Arab Trade Financing Program (Program), based in Abu Dhabi, UAE and The Arab Petroleum Investment Corporation (APICORP), a designated national agency of the Program in the Kingdom of Saudi Arabia. Dr. Jassim Al Mannai, Chief Executive Chairman of the Board, signed the agreement on behalf of the Program. Mr. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager signed the agreement on behalf of APICORP.
The Credit Line granted to APICORP amounts to US$ 40 million. Thus, the number of credit lines provided by the Program to APICORP, including this line, will be (3) with a total value of US$ 120 million.
In a statement during this occasion, Dr. Al Mannai commended the role played by APICORP, highlighting the importance of the credit facilities, trade information and the trade promotion services, provided by the Program in developing the production capabilities and competitiveness of the Arab exporters. Dr. Al Mannai added that, the Program’s services provide a support to the Arab Economies in promoting trade exchange towards a unified Arab Economies. He finally noted that the Program’s services are in line with the aims towards the formation of an Arab free trade area, calling on other national agencies to maximize the benefit from the Program’s facilities and services, to assist in the development and construction process of the Arab countries.
Mr. Al Nuaimi valued the role played by the Arab Trade Financing Program, through the financing facilities and other services it provides, for its constructive task in the development and support of intra-Arab trade and in improving the capabilities of the Arab producers and exporters. He finally expressed his high regard for the cooperation that APICORP receives from the Program’s management.
APICORP is an inter-Arab joint stock Corporation established in 1975 in accordance with an international agreement between member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC) to finance and invest in oil, gas and petrochemical projects and industries, giving priority to Arab joint ventures.