ABU DHABI, 2nd June, 2023 (WAM) — Emirates Development Bank (EDB), a key financial engine of the UAE’s economic development and industrial advancement, signed a Memorandum of Understanding (MoU) with the Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) to continue its support of the Financial Ecosystem Programme. The MoU signing took place on the first day of the at Make It in the Emirates Forum, taking place from 31st May to 1st June, 2023, at the Abu Dhabi Energy Centre. IDB’s Financial Ecosystem Programme is designed to assist local companies in accessing the best finance providers and products efficiently. The financing facilitation platform allows investors to seek the most appropriate financing from a range of local banks – with a few clicks. The Financial Ecosystem Programme is a simple and straightforward method for Abu Dhabi-based companies to receive finance offers from a range of banks all at once, allowing them to choose the package that best meets their needs. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said, “We are pleased to be part of IDB’s Financial Ecosystem Programme, as this is a significant initiative in achieving the UAE’s Industrial Strategy. As a key financial engine for the economic development of the UAE, EDB is committed to enabling plans that strengthen the national industrial ecosystem across key sectors, driving global competitiveness and sustainable growth for the country.” Eng. Arafat Al Yafei, Executive Director of IDB, said, “We look forward to further enhance the partnership with Emirates Development Bank as we are forging ahead with our efforts to achieve the objectives of the Abu Dhabi Industrial Strategy. As part of these initiatives, IDB have developed the financial ecosystem programme to enhance access to funding, equipping manufacturers, and investors with necessary support to benefit from ample, promising opportunities in Abu Dhabi’s industrial sector and the emirate’s business-friendly ecosystem.” Emirates Development Bank plays a vital role in supporting the UAE’s Industrial Strategy by providing financial assistance, promoting innovation, facilitating collaboration, and driving sustainable growth in strategic industrial sectors. It provides loans, credit facilities and guarantees to local and international investors, entrepreneurs, and businesses operating in strategic five key industrial sectors. By offering highly competitive financing options, EDB encourages the growth and development of industries in the UAE. EDB puts national progress and economic impact before profit. In alignment with the UAE government’s visions and priorities, EDB continues to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy. EDB is two years into an ambitious five-year strategy aimed at empowering SMEs and large corporates in five priority sectors: renewables, manufacturing, technology, healthcare and food security. The Bank has a mandate to approve AED30 billion in financing support to 13,500 companies within these sectors by 2026. The Bank is also working towards the goals and ambitions laid out in the UAE Centennial 2071 vision, which include helping develop a future-focused government and a diversified knowledge economy. EDB offers a patient debt approach with an emphasis on developmental impact. The Bank’s direct and indirect financing is offered with long tenors, higher loan-to-value ratios, lower rates and interest grace periods.
Source: Emirates News Agency (WAM)