Abu Dhabi: Emirates Development Bank (EDB) approved Dh1.45 billion worth of housing finance for UAE nationals in the first quarter of 2019, it was announced on Wednesday.
The bank’s financing solutions provide up to Dh5 million for home buyers and up to Dh3 million towards construction to enable Emiratis to maintain a good standard of living.
EDB also approved Dh407 million worth of business financing to Emirati-owned and managed businesses. Earlier this year, the Bank launched its Dh100 million Credit Guarantee Scheme designed for SMEs. The scheme offers up to Dh2 million financing to start-ups where EDB guarantees their financed amount for up to 85 per cent, and up to Dh5 million financing to existing SMEs where EDB also guarantees up to 70 per cent of their financed amount.
Obaid Humaid Al Tayer, UAE Minister of State for Finance, Chairman of the Board of Directors, reiterated the bank’s recent successes, which are a testament to the effectiveness of the plans and implementation of strategies, benefitting the advancement of the overall development across the UAE.
He also reiterated EDB’s position as a key partner in helping UAE nationals own their homes, finance their businesses, to encourage entrepreneurship and to improve the UAE’s national business ecosystem.