Emirates Development Bank signs MoU with Paraguay’s Development Finance Agency to boost collaboration

Emirates Development Bank signs MoU with Paraguay’s Development Finance Agency to boost collaboration

Abu Dhabi, United Arab Emirates: Emirates Development Bank ("EDB" or "the Bank"), a key financial engine for the economic development and industrial advancement of the UAE, last week signed a Memorandum of Understanding (MoU) with Paraguay’s Development Finance Agency (Agencia Financiera de Desarrollo, AFD), establishing a strategic partnership between the two parties. The signing was witnessed by Mr. José Agüero Avila. Ambassador of Paraguay to the United Arab Emirates.

EDB and AFD will harness their respective resource advantages and professional expertise, to build a long-term, effective, and mutually beneficial relationship in the areas of employee skill training, agritech and food security financing solutions, impact evaluation and digitalization of processes especially in support of SMEs.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: "We are committed to strengthening our partnerships with leading international finance and banking institutions to boost knowledge-sharing, and enhance our economic and social impact. Today's MoU with Paraguay’s Development Finance Agency presents a powerful platform for us to expand our capabilities and further empower SMEs and large corporates in sectors of national priority in line with the UAE's industrial and economic development strategies. We are delighted to collaborate with AFD and leverage their outstanding capabilities and professional expertise