Emirates Development Bank will provide billions of dollars in new financing to the private sector

Emirates Development Bank (EDB) is loosening its ties as it aims to significantly increase private sector financing by 2026.

According to Shaker Zainal, the bank announced that it will provide AED 30 billion ($8.2 billion) in financing by 2026 to 13,500 companies operating in sectors key to the UAE’s diversification efforts, including renewable energy, industrial, advanced technology, healthcare and food security. , business finance director at EDB.

On the sidelines of Monday’s Make it in the Emirates forum, he said the bank has committed $1.36 billion to finance industrial projects so far this year.

Access to finance is one of the main obstacles for small and medium-sized enterprises looking to expand in the Gulf. To address the gap in access to credit or equity financing, development banks have emerged across the region over the past decade, with the launch of the EDB in 2015.