Emirates Development Bank (EDB), the key financial engine of UAE economic development, will showcase its wide range of financing solutions for the food at agritech sectors at Gulfood Manufacturing 2023 from November 7 to 9.

 

This will help enable SMEs and large corporates operating within sectors of strategic importance to contribute to the UAE's national development agenda, including food security.

 

EDB is inviting the Gulfood Manufacturing attendees to visit its stand for an overview of EDB's financing solutions and its proprietary Developmental Impact Scorecard which is a core component of how the bank assesses a company or project’s eligibility for finance. 

 

Economic impact

Alongside normal lending criteria, EDB uses this scorecard to assess qualitative and quantitative economic impact such as GDP growth and job creation as well as in-country value, advanced technology adoption and greenfield or brownfield development. 

 

SMEs, local farmers, producers, agribusinesses, and enterprises involved in food manufacturing can benefit from EDB's offerings and dedicated agritech support which the bank provides in the form of favourable, longer-term loans of up to AED5million ($1.36 million) with a tenure of 10 years.

 

EDB’s food security financing solutions and agritech loans are aligned with national strategies to create sustainable food systems and to increase commitment to climate finance and sustainable growth. EDB's flexible financing solutions seek to drive economic diversification, further enhance the UAE’s position as a global manufacturing hub and drive the adoption of advanced technologies in line with sustainable development goals. 

 

AED30bn to assist 13,500 SMEs

As part of a five-year strategy launched in April 2021, the bank allocated AED30 billion to support 13,500 SMEs in its five priority sectors and set a target of increasing its contribution to the national GDP to AED10 billion by 2026. 

 

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said: “EDB is committed to enabling local production and manufacturing within priority sectors in order to grow the UAE's national economy and promote sustainable development. With this commitment, we are driven to offer food manufacturers, equipment manufacturers and sector innovators the financial support they need to invest in their innovations and support their growth and development. It is more important than ever that we help shore up long-term sustainable food production, from small-scale organic farmers to multinational food factories with a presence in the UAE. 

 

“Our sector-specific loans are tailored to the needs of businesses, which helps us fulfil our mandate of supporting the bold targets of the National Food Security Strategy 2051.”--TradeArabia News Service