EDB’s Dh30b lending drive seeks to support over 13,500 UAE firms

EDB’s Dh30b lending drive seeks to support over 13,500 UAE firms

The objective is to expedite all-round growth through the development of large corporations and SMEs in five key sectors: manufacturing, advanced technology, infrastructure, healthcare and food security

EDB is committed to creating a supportive environment for businesses to help build a more prosperous future for the UAE and cement the nation’s position as a destination where businesses can thrive. — File photo

Published: Sun 3 Apr 2022, 3:31 PM

Emirates Development Bank (EDB) said it would facilitate direct and indirect lending totalling Dh30 billion by 2025 as part of its new strategy to propel industrial and technological growth.

The strategy, which was launched last year, aims to support UAE’s industrial development, accelerate the adoption of advanced technologies, and empower the growth of SMEs in the UAE.

The bank said the Dh30 billion lending initiative is expected to support more than 13,500 companies.

The objective is to expedite all-round growth through the development of large corporations and SMEs in five key sectors: manufacturing, advanced technology, infrastructure, healthcare and food security.

At a recent board meeting, EDB’s chief executive officer Ahmed Mohamed Al Naqbi presented the bank’s performance and key achievements over the past one year. This included a Dh91 billion contribution to the UAE’s GDP growth, direct and