Under the Emirates Development Bank Strategy, the bank will provide financial support of AED 30 billion to businesses and start-ups from 2021 to 2025. The step aims to drive the national economy by financing more than 13,500 SMEs and creating 25,000 jobs.
The UAE Government approved the Emirates Development Bank Strategy to provide financial support of AED 30 billion to businesses and start-ups in a major step to drive the national economy.
Under the strategy, the bank allocated a portfolio of AED 30 billion to support priority industrial sectors over a period of five years. This step will contribute to financing more than 13,500 SMEs and creating 25,000 jobs.
The bank will also launch an AED 1 billion investment fund for start-ups and SMEs in 2022 and target industrial companies in priority sectors that need financing and investment.
Launched to support the Operation 300bn strategy, the EDB Strategy aims to leverage the bank’s role as a key driver of the national economy to provide the largest support network to the industrial sector.
Read related news coverage on WAM.
The Emirates Development Bank (EDB) was established by Federal Law no. 7 of 2011 under a decree issued by the late H. H. Sheikh Khalifa bin Zayed Al Nahyan. The Emirates Development Bank officially launched its operations in 2015.
EDB plays a key financial role in the UAE’s economic diversification and industrial transformation agenda, towards building a knowledge-based economy.
Read more about the Emirates Development Bank.
Popular searches
