Emirate Development Bank Cooperates with Dubai Islamic Bank to Provide Funding to SMEs in UAE
February 25, 2022 | Updated at February 25, 2022
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Email Emirates Development Bank (EDB) has inked an initial agreement with Dubai Islamic Bank (DIB) to offer a credit guarantee for small and medium enterprises (SMEs) in the United Arab Emirates’ (UAE) key sectors. The deal between EDB and DIB was made on the 23rd of February 2022.
Why it Matters?
The UAE plans to grow its industrial sector to more than double the current size of AED 300 billion (USD 81.7 billion) by 2031. Through the agreement, the two banks aim to reduce the funding gap by enabling swifter access to financing to SMEs in the fields of manufacturing, health care, infrastructure, food security and technology, in line with the economic diversification goal of the country and its aims to increase its gross domestic product in said secto...
