Emirates Development Bank Recognized as Best Regional Development Bank at International Finance Awards

Dubai, United Arab Emirates, 2 February 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of UAE economic development and industrial advancement, was recognized at the 11th Annual International Finance Awards held in Dubai on 18 January. EDB won the 'Best Regional Development Bank' accolade in recognition of its long tenor patient debt approach and innovative financing solutions to empower businesses and drive economic impact.

Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank, said: “We are delighted to receive this prestigious award which is a testament to EDB’s commitment to innovating financing solutions and enabling investments with higher economic impact in the UAE. Our remarkable achievements and financing initiatives in the last year demonstrate our innovative approach as a development bank and our strategic focus on sectors that are vital for the UAE’s sustainable future, consolidating its position a regional and global economic leader.”

EDB continues to deliver economic impact by supporting businesses of all sizes within five priority sectors - renewables, manufacturing, technology, healthcare, and food security – and plans to approve AED30 billion in financing support to 13,500 companies by 2026.  The Bank gives special attention to SMEs and focuses on enhancing their bankability and financial inclusion. To this end, EDB partners with 12 commercial banks under its Credit Guarantee Scheme, guaranteeing up to 50% of loans for SMEs to enhance their creditworthiness and access to finance.

As the UAE’s only development bank, EDB fills critical lending gaps in the market through financing projects with higher development impact, prioritizing economic impact. The bank has also been leading the way in climate finance by enabling renewable energy and food security sectors through dedicated financing programs launched in 2023 - The Agritech Loans Program providing finance of up to AED5 million with a long tenor of 10 years and the Solar Energy Financing Program to support businesses, especially mSMEs, to shift to cleaner sources of energy.

International Finance, a premium business and finance magazine under UK's International Finance Publications Limited, started its International Finance Awards in 2013 with the aim of recognising industry talents, leadership skills, industry net worth and capabilities on an international platform. The Best Regional Development Bank award highlights the accomplishments of banks leading in innovation, economic development, and customer service excellence.