Emirates Development Bank, the lender set up to help finance local developmental, residential and industrial projects, said on Monday it would begin funding small and medium-sized enterprises (SMEs).
Focusing on SMEs owned and operated by UAE nationals, the initiative is intended to support the economic and social development of the UAE. Approximately Dh1 billion has been allocated to finance national businesses for 2018-2019.
“Small and medium-sized enterprises are two of the most important cornerstones of the UAE’s national economy, as they play a vital role in its progress and prosperity,” Obaid Humaid Al Tayer, Minister of State for Finance and Chairman of the Board of Directors of Emirates Development Bank, said in a statement.
“This highlights the role of Emirates Development Bank, as it offers banking solutions and financial services that are tailored for the growth and development of small and medium-sized enterprises,” he added.
The set of financing products include sales and receivable financing, business expansion loans and project financing, asset-backed financing and purchase financing.
Al Tayer said that Emirates Development Bank’s objective was to become the preferred banking destination for Emirati entrepreneurs, and to help them achieve their growth and development goals through banking solutions and financial services.
Source: Gulf News