Emirates Development Bank to Champion Sustainable Food Security Solutions at Gulfood Green & Agrotech

Dubai, United Arab Emirates, September 27, 2024: Emirates Development Bank ("EDB" or "the Bank"), the key financial engine of economic development and industrial advancement in the UAE, reaffirmed its dedication to strengthening national food security at Gulfood Green & Agrotech 2024.

The event, which took place at the Dubai World Trade Centre from September 24th to 26th, provided a platform for EDB to showcase its impactful initiatives in supporting the AgriTech sector and fostering sustainable food production.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank commented: "The UAE is on a clear path to becoming a global leader in sustainable agriculture and food security. EDB is fully committed to empowering the pioneers and changemakers who are driving this change. With our innovative solutions and impact-driven approach, we are strategically positioned to provide the necessary financial backing to ensure these ventures can scale their impact and contribute to a thriving and sustainable food ecosystem within the UAE and beyond. Events like Gulfood Green & Agrotech provide a dynamic platform for knowledge sharing, collaboration, and showcasing the innovations shaping the future of food security."

Food security is one of EDB's five strategic priority sectors, reflecting the Bank's commitment to bolstering national development and economic diversification. Since launching its strategy in 2021, EDB has provided significant financing to strengthen the UAE’s local food production and agriculture sectors.

The Bank's AgriTech Loans Program, for instance, offers favorable long-term financing of up to AED 5 million, ensuring local producers and agribusinesses have the capital needed to adopt cutting-edge technologies and sustainable practices.

EDB's support for AgriTech and food security aligns seamlessly with the UAE's National Food Security Strategy 2051 which aims to create resilient, sustainable and self-sufficient food production systems.

Neeraj Gandhi, Senior Vice President of Product Development (mSMEs) at EDB, participated as a speaker at a panel discussion titled “Funding and Financing for Nature-Positive Outcomes: Opportunities and Partnerships.” The session focused on attracting investor interest in technologies like precision agriculture, vertical farming, alternative proteins, and food waste reduction. It also explored the evolving Agri-tech investment landscape, innovative financing models such as EDB’s AgriTech Loans Program, and the role of DeFi platforms and strategic partnerships in advancing sustainable agricultural practices.

Event attendees and EDB's booth visitors had the opportunity to explore the Bank’s range of innovative financing solutions and programs tailored to empower AgriTech businesses and contribute to a more sustainable and food-secure future.