ABU DHABI, 2nd June, 2023 (WAM) — The Emirates Development Bank, EDB, the main financial engine for economic development and industrial progress in the UAE, has signed a Memorandum of Understanding (MoU) with the Department of Industrial Development, Abu Dhabi Department of Economic Development (IDB) continues to support the Financial Ecosystem Initiative.
The signing of the MoU took place on the first day of the UAE Forum at Make It at the Abu Dhabi Energy Center from 31 May to 1 June 2023.
IDB’s Financial Ecosystem Program aims to help local companies access the best financial providers and products efficiently. The financing facilitation platform allows investors to seek the most suitable financing from a range of local banks in just a few clicks. The Financial Ecosystem Program is a straightforward way for Abu Dhabi-based companies to obtain financing offers from multiple banks simultaneously, allowing them to choose the package that best suits their needs.
Ahmed Mohamed Al Naqbi, Chief Executive Officer of the UAE Development Bank, said: “We are delighted to be part of the Inter-American Development Bank’s Financial Ecosystem Program as it is an important step towards the realization of the UAE’s industrial strategy. As the main financial engine of the UAE’s economic development, EDB Committed to implementing plans to strengthen the country’s industrial ecosystem in key sectors, driving the country’s global competitiveness and sustainable growth.”
project. Arafat Al Yafei, Executive Director of IDB, said: “We look forward to further strengthening our partnership with the UAE Development Bank as we work towards the goals of the Abu Dhabi Industrial Strategy. As part of these initiatives, the Inter-American Development Bank has developed a Financial Ecosystem Program , to increase access to capital, providing manufacturers and investors with the necessary support to benefit from the abundance and promising opportunities in Abu Dhabi’s industrial sector and the emirate’s business-friendly ecosystem.”
The UAE Development Bank plays a vital role in supporting the UAE’s industrial strategy by providing financial assistance, promoting innovation, fostering cooperation and driving sustainable growth in strategic industrial sectors.
It provides loans, credit facilities and guarantees to local and international investors, entrepreneurs and businesses operating in five strategic key industrial sectors. By offering highly competitive financing options, EDB encourages the growth and development of the UAE’s industries.
EDB puts national progress and economic impact before profit. EDB continues to fulfill its mission of promoting a healthy, sustainable and self-reliant economy in line with the vision and priorities of the UAE Government. For two years, EDB has developed an ambitious five-year strategy aimed at empowering SMEs and large corporations in five priority areas: renewable energy, manufacturing, technology, healthcare and food security. The bank is tasked with approving AED30 billion in financing support to 13,500 companies in these sectors by 2026.
The bank is also working towards the goals and ambitions set out in the UAE’s centenary Vision 2071, which includes helping to develop a future-oriented government and a diversified knowledge economy.
EDB offers a patient debt approach that emphasizes developmental impact. The bank’s direct and indirect financing has long maturities, high loan-to-value ratios, and low interest rates with an interest grace period.