Emirates Development Bank Leads UAE Economic Diversification with AED 10.4 Billion Financing

Emirates Development Bank Leads UAE Economic Diversification with AED 10.4 Billion Financing

Emirates Development Bank, recognised as a financial driver of economic development and industrial advancement in the UAE, unveiled a substantial surge in total financing. The bank reported a record increase to AED 10.4 billion since the initiation of its strategy in 2021, marking a milestone in its contribution to the nation's industrial GDP impact, which now stands at AED 4.9 billion.The results were presented during a recent Board meeting chaired by His Excellency Dr. Sultan Ahmed Al Jaber, Chairman of the EDB Board and Minister of Industry and Advanced Technology. The meeting reviewed the Bank’s performance for the period ending on March 31, 2024.EDB's three-year performance reflects progress led by focus and support for sectors crucial to the UAE’s national development agenda. Notably, the bank reported a staggering 665 percent increase in cumulative financing to SMEs, reaching a total of AED 3.4 billion. Furthermore, there was a surge of 2,942 percent in large corporate loans, amounting to AED 5.5 billion in cumulative financing over the same period. The Bank's Credit Guarantee Scheme, in partnership with commercial banks, achieved growth, with financing reaching AED 1.4 billion.In addition to financial support, EDB's contribution extends to job creation, with the bank aiding in