Emirates Development Bank to showcase innovative food and agritech financing solutions at Gulfood Manufacturing

Dubai, United Arab Emirates 7 November 2023:  Emirates Development Bank (‘EDB’ or ‘the Bank’), the key financial engine of UAE economic development and industrial advancement, has announced its participation at Gulfood Manufacturing, the MENA region's leading exhibition for the future of food production and advanced technologies, taking place from 7 – 9 November 2023. 

EDB will showcase its wide range of financing solutions to enable SMEs and large corporates operating within sectors of strategic importance to the UAE's national development agenda, including food security. The Bank is inviting the Gulfood Manufacturing attendees to visit its stand for an overview of EDB's financing solutions and its proprietary Developmental Impact Scorecard which is a core component of how the Bank assesses a company or project’s eligibility for finance. Alongside normal lending criteria, EDB uses this scorecard to assess qualitative and quantitative economic impact such as GDP growth and job creation as well as in-country value, advanced technology adoption and greenfield or brownfield development.

SMEs, local farmers, producers, agribusinesses, and enterprises involved in food manufacturing can benefit from EDB's offerings and dedicated agritech support which the bank provides in the form of favourable, longer-term loans of up to AED5 million with a tenor of 10 years.

EDB’s food security financing solutions and agritech loans are aligned with national strategies to create sustainable food systems and to increase commitment to climate finance and sustainable growth. EDB's flexible financing solutions seek to drive economic diversification, further enhance the UAE’s position as a global manufacturing hub and drive the adoption of advanced technologies in line with sustainable development goals.

As part of a five-year strategy launched in April 2021, the Bank allocated AED30 billion to support 13,500 SMEs in its five priority sectors and set a target of increasing its contribution to the national GDP to AED10 billion by 2026.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said: “EDB is committed to enabling local production and manufacturing within priority sectors in order to grow the UAE's national economy and promote sustainable development. With this commitment, we are driven to offer food manufacturers, equipment manufacturers and sector innovators the financial support they need to invest in their innovations and support their growth and development. It is more important than ever that we help shore up long-term sustainable food production, from small-scale organic farmers to multinational food factories with a presence in the UAE.

“Our sector-specific loans are tailored to the needs of businesses, which helps us fulfil our mandate of supporting the bold targets of the National Food Security Strategy 2051.”

EDB is the UAE's only development bank and so, it is focused on providing finance for SMEs and large corporates that drive economic impact. The Bank supports investments in priority sectors that are essential for building a dynamic, inclusive, and sustainable economy. It sets itself apart by filling critical lending gaps through its willingness to lend to economically strategic projects that may face challenges getting the capital they need from commercial banks.

The Bank’s direct and indirect financing is offered with long tenors, higher loan-to-value ratios, lower rates and interest grace periods, helping the food sector rapidly develop to meet the ever-growing needs of a rapidly expanding local population.