Sheikh Mohammed launches Dhs30bn strategic program to stimulate vital sectors
Supporting Operation 300bn Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of EDB, presented the bank’s strategy pillars and objectives.
The Bank allocated a portfolio of Dhs30bn to support priority industrial sectors over a period of five years, which will contribute to financing more than 13,500 SMEs and creating 25,000 jobs.
Operation 300bn – comprehensive national programme aimed at enhancing the contribution of the industrial sector to the UAE’s sustainable economic growth. Th Emirates Development Bank will extend support to large corporations, SMEs and entrepreneurs across various industries including healthcare, infrastructure, food security and technology.”
“The new EDB strategy will help accelerate industrial development and the adoption of advanced technology through dedicated financing programmes and will also provide dedicated investment funds that will support entrepreneurs, startups and SMEs.”
In addition to providing flexible housing solutions, EDB will complement its offering to companies and entrepreneurs with training, counselling and guidance for UAE citizens and residents.
“EDB will provide other tools including supply chain support, project financing, long-term financing, business accelerators, equity capital financing, and a business growth support fund,”
In the next phase, EDB will step up the financial support provided to the industrial sector. Its priorities include establishing partnerships with UAE banks to extend financial services thso small and medium industrial companies and increasing its direct financing by 73 per cent in 2021 to support priority sectors, while also focusing on underserved sectors with extensive financial solutions.
The bank will also launch a Dhs1bn investment fund for startups and SMEs in 2022 and target industrial companies in priority sectors that need financing and investment, official news agency WAM reported.