EIB approves Dh28.5m loans to eight projects

The Emirates Industrial Bank (EIB) yesterday approved new loans to eight industrial projects totalling Dh28.5 million. This brings to Dh133 million the total loans extended to 15 industrial projects this year.

It said around Dh95 million had been disbursed and expected the total loan value this year to reach between Dh250-300 million.

The board - which met under its chairman Dr. Mohammed Khalfan Kharbash, Minister of State for Industrial and Financial Affairs, also decided to double EIB's equity participation in Emirates Rawabi from Dh11.2 million to Dh22.3 million.

"The board suggested to diversify EIB's resources and the earnings by allowing the bank to trade in stocks listed in national exchanges," it said.

"The proposal, along with the recent increase in EIB's capital, will enhance its resources needed to support the national industrial activity."

Kharbash asked the management to consider providing assistance to Sheikh Mohammed bin Rashid Establishment for Funding of Youth projects.