Sharjah Chamber, EDB review funding solutions for investors

Sharjah Chamber, EDB review funding solutions for investors

UAE’s Emirates Development Bank (EDB) and Sharjah Chamber of Commerce and Industry (SCCI) have reviewed the financing solutions, services and benefits available to investors in the industrial sector as well as the procedures involved in securing financing from the bank. SCCI, represented by the Sharjah Exports Development Center, lauded the EDB for actively engaging with the private sector in the UAE and supporting companies in overcoming challenges through innovative financing solutions and support programmes. EDB showcased a range of financial and non-financial support solutions available to investors, including its digital banking application. The state-owned bank’s application allows small and medium enterprises (SMEs) and startups to open bank accounts instantly and receive an IBAN within 48 hours, providing access to a comprehensive range of secure and available banking services. Meanwhile, EDB said a total of Dhs1.8bn in loans to SMEs in 2022, a year-on-year increase of 387 per cent. This consisted of Dhs1.2bn of direct financing and Dhs611m of indirect financing through EDB’s credit guarantee scheme with partner commercial banks. SMEs make up around 95 per cent of all companies operating in the UAE, they create 90 per cent of jobs in the private sector and contribute more than 60 per