Dubai: The Emirates Development Bank is putting up to Dh5 billion to finance businesses or projects in the manufacturing sector, as part of its support for the ‘Make it in the Emirates’ program.
The Dh5 billion corpus – stated as ‘unprecedented’ for EDB – will help with advances in ‘technology adoption, economic resilience and diversification’ by the UAE’s industrial sector.
The EDB mandate to provide Dh30 billion in support of 13,500 companies across five sectors – renewables, manufacturing, advanced tech, healthcare and food security – by 2026.
"By strategically allocating this significant amount in financing (of Dh5 billion), including Dh1 billion in co-lending with our partners in commercial banks, we are facilitating the adoption of cutting-edge technologies and fostering innovation that will enhance the UAE's manufacturing capabilities,” said Ahmed Mohamed Al Naqbi, CEO.
“This financing demonstrates our confidence in the UAE's industrial sector and its potential to drive substantial economic growth.”
The Dh1 billion allocated for co-lending will be done through credit guarantee schemes and multilateral deals.
Since the launch of its strategy in April 2021 to end Q1-2024, EDB’s support for the manufacturing sector totaled Dh4.7 billion in financing. This is 46 per cent of EDB’s Dh10.4 billion in overall financing.
