Emirates Development Bank (EDB) has demonstrated its commitment, to supporting the development of the UAE by officially signing a Memorandum of Understanding (MoU) with the Industrial Development Bureau (IDB) of Abu Dhabis Department of Economic Development. This significant agreement was finalized during the Make It in the Emirates Forum with a focus on strengthening the Financial Ecosystem Programme.
The Financial Ecosystem Programme, led by IDB aims to facilitate access to financing providers and products for local companies. By simplifying the process this platform allows investors to explore financing options from local banks with just a few clicks. This initiative greatly. Enhances the journey for Abu Dhabi based businesses seeking finance enabling them to receive offers simultaneously and choose the most suitable package that meets their specific needs.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank underlined how this partnership aligns with UAEs Industrial Strategy. Emphasized its significance. As a institution driving growth EDB remains dedicated to strengthening the national industrial ecosystem across key sectors while fostering sustainable growth and global competitiveness.
Eng. Arafat Al Yafei, Executive Director of IDB expressed enthusiasm about advancing this partnership, with EDB.
He highlighted the role of the Financial Ecosystem Programme in providing assistance to manufacturers and investors enabling them to take advantage of opportunities, within Abu Dhabis sector and the business friendly environment of the emirate.
The Emirates Development Bank plays a part in supporting the UAEs Industrial Strategy by offering aid promoting innovation and facilitating collaboration in strategic industrial sectors. The bank provides loans, credit facilities and guarantees to both international investors, entrepreneurs and businesses operating in sectors.
In line with the UAE governments visions and priorities EDB operates with a mission to nurture a sustainable and self reliant economy. With two years into their five year strategy plan their focus is on empowering medium enterprises (SMEs) as well as large corporations in priority sectors such as renewables, manufacturing, technology, healthcare and food security. Their aim is to approve AED 30 billion in financing support to 13,500 companies within these sectors by 2026.
EDB adopts an approach that prioritizes impact by offering debt with long repayment periods. They also provide loan to value ratios along with interest rates and grace periods for repayment. The bank is fully committed, to contributing towards achieving the UAE Centennial 2071 vision which involves developing a future oriented government alongside fostering a knowledge based economy.
