Dubai: The Sharjah Chamber of Commerce and Industry [SCCI] and Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification signed a MoU to foster the development of UAE-based manufacturers, exporters and SMEs through financial support.
Both entities will strengthen cooperation to develop joint entrepreneurship programs, build awareness and promote knowledge sharing. EDB will extend direct and indirect lending support, equity funding for SMEs and startups in the priority sectors as well as non-financial support in the form of mentorship and business guidance.
“Through the agreement, we seek to leverage EDB’s innovative banking solutions to empower manufacturers and SMEs in the Emirate of Sharjah and partner with the Sharjah Export Development Center in improving financial access to exporters,” said Abdullah Sultan Al Owais, Chairman of SCCI. “Moreover, the SCCI’s ‘Sadr’ Fund will also offer the necessary liquidity to exporters and reduce risks in export operations through credit protection.”
Ahmed Mohamed Al Naqbi, CEO of EDB said, “Through our collaborative efforts, we will provide financial and non-financial support to entities operating in priority sectors to ensure that they are viable in the long run and can make a valuable contribution to the UAE’s growth journey.”