Emirates Development Bank delivers record increase in industrial GDP impact

Emirates Development Bank delivers record increase in industrial GDP impact

Dr Sultan Ahmed Al Jaber, Chairman of the EDB Board and Minister of Industry and Advanced Technology.

Published: Thu 4 Apr 2024, 8:46 PM

Emirates Development Bank has unveiled a record increase in total financing since the launch of EDB’s strategy in 2021 to Dh10.4 billion, bringing its cumulative contribution to the nation’s industrial GDP impact to Dh4.9 billion.

The results were presented at a board meeting held this week to review the bank’s results for the period ending March 31, 2024. The Board meeting was led by Dr Sultan Ahmed Al Jaber, Chairman of the EDB Board and Minister of Industry and Advanced Technology.

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 per cent increase in cumulative financing to SMEs reaching a total of Dh 3.4 billion, as well as a surge of 2,942 per cent in large corporate loans reaching Dh 5.5 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 Dh1.4 billion.

Results also revealed the bank’s contribution to the creation of 18,606 industrial