Honoring his partners from commercial banks and financial technology companies

AED 813 million in Emirates Development Fund for startups since 2021

The honoring included the 11 commercial banks that are partners in the "Financing Guarantee Program". From the source

Emirates Development Bank (EDB) yesterday honored the bank's partners from commercial banks and financial technology companies, in recognition of their role in supporting startups and small and medium enterprises, and the success of the "Financing Guarantee Program", pointing out that it has provided AED 813 million in financing to startups and small projects since 2021.

The ceremony, which was held at the Ministry of Economy offices in the Dubai International Financial Centre (DIFC), was attended by representatives of the 11 commercial banks that partner in the Finance Guarantee Scheme.

Since the launch of its five-year strategy two years ago, in April 2021, the Bank has continued its efforts to support SMEs and large companies operating in the five priority sectors, which include industry, technology, healthcare, renewable energy and food security, pointing out that it is working to provide AED 30 billion to support the financing of 13,500 companies, within the mentioned sectors, by 2026.

Emirates Development Bank (EDB) launched the "Financing Guarantee Program" to support startups and micro, small and medium enterprises in the UAE, to help these companies and improve their access to sources of funding from commercial banks, by providing a partial guarantee to lending banks, effective in the event that these companies fail to pay their financial obligations. The program also offers additional benefits that help these projects establish a strong credit record with banks, allowing them to obtain sustainable financing for their future business, thus ensuring their long-term growth and success.

The Undersecretary of the Ministry of Economy, Abdullah Al Saleh, said: "Last year we witnessed a significant increase in the penetration and distribution of SMEs in the UAE, thanks to the credit guarantees and co-lending schemes offered by the partnership to support corporate financing. This partnership has proven its role in bridging the financing gap for SMEs and strengthening the sector ecosystem in the country, in a way that supports the national goals of building a solid knowledge economy."

Ahmed Al Naqbi, CEO of Emirates Development Bank, said: "The achievements of the bank are an important indicator in our journey towards supporting the growth of the UAE economy, through which we seek to establish a national system for financing innovation, and enhancing banking eligibility and financial inclusion for micro, small and medium enterprises."