Emirates Development Bank launches supply chain financing for SMEs with Trade Capital

Emirates Development Bank launches supply chain financing for SMEs with Trade Capital

Emirates Development Bank, the key financial engine of UAE economic development and industrial advancement, has inked a Memorandum of Understanding (MoU) to create supply chain finance and working capital solutions for SMEs in collaboration with Trade Capital Partners (TCP).This partnership was facilitated by Hub71, Abu Dhabi’s global tech ecosystem, as part of its efforts to support startups with commercial opportunities through its network of leading corporate and government partners in the UAE.For the latest headlines, follow our Google News channel online or via the app.In alignment with government priorities, Emirates Development Bank (EDB) continues to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy, with a mandate to approve ($8.17 billion) Dh30 billion in financing support to 13,500 companies within its five priority sectors -- renewables, manufacturing, technology, healthcare, and food security -- by 2026.The MoU will see the creation of a working group to discuss new ways of delivering supply chain financing to small and medium enterprises in the UAE. Supply chain finance reduces the risk of supply chain disruption and enables both buyers and suppliers to optimize their working capital.Shaker Zainal, Chief Business Officer of Emirates Development Bank, said: “We are constantly looking at new