UAE – Mubasher: Emirates Development Bank (EDB) announced the UAE's first-of-its-kind AgriTech Loans programme, with plans to allocate AED 100 million in financing to back the country's food security sector, according to a press release.
The new initiative aims to foster the sustainable and national agriculture sector, positioning the UAE as a global leader in agricultural innovation.
Ahmed Al Naqbi, CEO of Emirates Development Bank, said: “As the UAE's development bank, it is our top priority to transform the nation into a regional hub for local food production in line with the National Food Security Strategy 2051.”
“Leveraging our competitive and accessible financing solutions, we aim to facilitate the adoption of advanced technology and cutting-edge solutions, contributing to the realization of this strategic vision,” Al Naqbi continued.
The UAE’s National Food Security Strategy 2051 underlined plans to develop a comprehensive national system based on enabling sustainable food production. Therefore, the country intends to deploy through deploying modern technologies and enhance local production.
The programme offers green- and brownfield project financing, capital expenditures (CapEx), and working capital financing. This is in addition to medium-term loans or working capital amounts of up to AED 5 million with competitive rates and a tenor of 10 years.
Al Naqbi noted: “EDB's commitment to empowering the agricultural community aligns with the UAE's national agenda, which places utmost importance on achieving food self-sufficiency and reducing dependence on imports.”
In line with the government’s objectives, the UAE bank endorsed a sustainable and self-reliant economy with a mandate to approve AED 30 billion in financing support to 13,500 companies within its five priority sectors by 2026. The five segments are food security, renewables, manufacturing, technology, and healthcare.
Last month, Emirates Development Bank unveiled financing agreements at a combined value of AED 424 million to drive economic diversification.
