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Tuesday, July 23, 2024
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UAE banks launch $27m plan to back agtech firms

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In 2021, the “National Food Security Strategy 2051” was launched, aiming to make the UAE one of the top countries in the world in the global food security index by 2051.

Target? Create a comprehensive national system for sustainable food production by utilizing modern technologies and enhancing local production.

As part of its ongoing efforts to achieve this goal, the UAE’s Emirates Development Bank (EDB) has now launched a $27 million scheme – the Agritech Loan Scheme – to support agritech and food companies. The initiative, the UAE’s first of its kind in the region, aims to position the country as a world leader in food security.

This new initiative aims to achieve the sustainable development and prosperity of the country’s agricultural sector, making the UAE a global leader in agricultural innovation. To enhance food security, EDB’s new service aims to strengthen farms, area farmers and food suppliers by assisting them in their attempts to adapt and modernize.

Target customers for AgriTech’s specific financing products include farmers, local producers, technology providers, equipment suppliers and those involved in the agriculture support ecosystem.

The strategy sets out ideas for how to create a comprehensive national system that supports local production while achieving sustainable food production through the use of contemporary technologies. The AgriTech Loan Program recognizes the need for agribusiness development and addresses its problems through the adoption of cutting-edge technology.

Through this effort, EDB hopes to increase yields and help bring new solutions to agricultural businesses. The financial support provided will make it easier to implement precision farming practices, cutting-edge irrigation systems and advanced crop monitoring tools, driving the industry to adopt more sustainable practices and increase yields.

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