EDB boosts industrial GDP impact, reaching AED10.4 billion in total funding since 2021

EDB boosts industrial GDP impact, reaching AED10.4 billion in total funding since 2021

Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, has unveiled a record increase in total financing since the launch of EDB’s strategy in 2021 to AED10.4 billion, bringing its cumulative contribution to the nation’s industrial GDP impact to AED4.9 billion. The milestone results were presented at a Board meeting held this week to review the Bank’s results for the period ending 31 March 2024. The Board meeting was led by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of the EDB Board. EDB’s three-year performance results showcase transformative progress driven through strategic focus and support for the key priority sectors crucial to the UAE’s national development agenda. This included 665 percent increase in cumulative financing to SMEs reaching a total of AED3.4 billion, as well as a surge of 2,942 percent in large corporate loans reaching AED5.5 billion in cumulative financing in the three-year period. Financing through the bank’s Credit Guarantee Scheme with partner commercial banks achieved a remarkable growth in financing, amounting to AED1.4 billion. Results also revealed the Bank’s contribution to the creation of 18,606 industrial jobs in the UAE, reflecting EDB’s commitment to propelling job creation