UAE’s EDB grants $191mn to support industrial sector

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UAE
  • Date: 25-Nov-2021
  • Source: GCC Business…
  • Sector: Industrial
  • Country: UAE
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UAE’s EDB grants $191mn to support industrial sector

Representational Image UAE’s Ministry of Industry and Advanced Technology (MoIAT) has revealed that the leading financial institution Emirates Development Bank (EDB) has allocated $191 million (AED700 million) worth of financial package to support the industrial sectors in the Emirates. According to the statement, the package is allocated to five priority sectors, such as industry, technology, healthcare, food security, and infrastructure, in order to finance expansion activities and the integration of innovative technologies. This initiative is part of the strategic partnership between the ministry and EDB to implement the National Strategy for Industry and Advanced Technology. In addition to supporting the objectives of the Ministry and the Bank, the funding intends to improve the performance and productivity of the industrial sector. Omar Suwaina Al SuwaidiUnderSecretaryMoIAT -UAE “The allocation of the first package of financing offered by Emirates Development Bank to industrial companies is strategically important, as it represents a practical step towards achieving the UAE government’s comprehensive vision to support the transition towards a diverse and resilient knowledge economy. This step will increase the productivity of the industrial sector and enhance its ability to attract foreign direct investment. The financing of the adoption of 4IR solutions will also stimulate sustainable economic…

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