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Emirates Development Bank approves funds for start-ups, SMEs
May 16, 2018
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DUBAI: The Board of Directors of Emirates Development Bank (EDB) has held its third meeting of 2018, chaired by Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the EDB Board of Directors. During the meeting, the Board discussed various items on the agenda, making numerous decisions and implementing the recommendations previously taken by the executive management.

The Board of Directors reviewed EDB’s significant achievements for 2018 to date, such as the UAE National Home Finance portfolio reaching Dhs818 million, representing a growth of Dhs213 million during the first quarter of the year, SME financing reaching Dhs345 million, and the launch of the Emirates Moveable Collateral Registry Corporation, EMCR, which achieved remarkable success with a record 11,617 registered certificates for movable and mortgaged assets. The Electronic Asset Registry System is already used by 50 banks of the total number of banks operating in the UAE with more than 344 system users.

The Board approved the plan to launch a Direct Financing Programme for start-ups and emerging companies, thus contributing to supporting Emiratis and providing them with the necessary credit to start their companies and develop their businesses. An Dhs50 million fund has been approved for 2018, from which the programme will finance up to Dhs2 million for start-ups owned by Emiratis - with more than 51 per cent ownership - in accordance with the Bank’s terms and conditions.

The Board of Directors also approved a Dhs100 million fund for the Credit Guarantee Scheme to finance SMEs. The programme provides financing of up to Dhs2 million for start-ups where the bank guarantees 85 per cent of the value of the financing, and Dhs5 million for existing companies where the bank guarantees 70 per cent of the value of the financing.

Obaid Humaid Al Tayer, said, “We are proud of the bank’s significant achievements and EDB teams’ efforts which reflect the success of our plans and strategies, adding to the banking sector in the UAE.

“Emirates Development Bank supports the efforts exerted at all levels to improve the country’s development, to help Emiratis own their homes, and support the continued growth of the local economy by helping Emirati entrepreneurs successfully establish their businesses. This comes in line with the National Agenda and the objectives of the UAE Vision 2021 that aim to increase the contribution of the private sector in the economic development of the country.”

The Chairman also pointed out that EDB continues to implement its plans and strategies in line with its mission of achieving sustainable financial development for the bank and its partners, meeting the objectives of providing adequate housing for Emiratis, creating more jobs for them, moving towards smart industries and sustaining growth for all parties participating in the development process.

WAM

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