EDB a ‘key engine of UAE’s industrial transformation agenda’ – The National
- Date: 27-Jun-2022
- Source: The National
- Sector:Industrial
- Country:UAE
EDB a ‘key engine of UAE’s industrial transformation agenda’ – The National
Emirates Development Bank (EDB) is one of the "key financial engines of the UAE’s industrial transformation and economic diversification agenda", and has contributed significantly to the country's economy, its chairman has said.
EDB’s objective is "to maximise our impact on the UAE economy", and aims to do so by raising its contribution to gross domestic product to more than Dh10 billion ($2.7bn) by developing value chains focusing on the industrial sector, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of EDB, told state news agency Wam in an interview on the sidelines of the Make it in the Emirates forum.
The bank has contributed to a ninefold climb in industrial capital deployed to reach Dh1bn in the first quarter of 2022, from Dh108 million in 2019. It has also supported a fivefold increase in loans approved for small and medium enterprises and a ninefold surge in loans for large corporates during the same period.
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