Emirates Development Bank Reaffirms Support for National Development and SME Growth at ACT Middle East Treasury Summit 2024

UAE, 25 September, 2024 : Emirates Development Bank (EDB), the UAE’s primary financial engine for economic growth and industrial development, showcased its unique approach to financing national development, supporting SME resilience, and navigating the evolving treasury landscape at the ACT Middle East Treasury Summit 2024.

With the financing market facing tighter liquidity, rising interest rates, and increased risk aversion from traditional lenders, EDB emphasized the need for innovative solutions to ensure SMEs continue to access necessary funding. As the UAE's only development bank, EDB is focused on bridging the financing gap and supporting businesses in key sectors aligned with the UAE's economic diversification goals. 

EDB’s strategy includes a ‘patient debt’ approach, offering long-term financing and competitive pricing for projects with high developmental impact. The bank uses a proprietary 'Development Impact Scorecard' to align financing with national priorities.

A key aspect of EDB's approach is collaboration. The bank has partnered with 11 major UAE commercial banks to provide partial guarantees of up to 50% for SME loans, enhancing access to critical funding.

Representing EDB at the event, Tariq Fancy, EVP of Financial Markets and Acting Chief of Treasury & Investments, highlighted the bank’s tailored loan programs, flexible financing options, and financial literacy initiatives such as The Business Lab. He also underscored the importance of credit guarantees and co-lending in fostering SME growth and resilience.

The summit brought together treasurers, finance professionals, and industry leaders to discuss trends and opportunities in the financial sector, with EDB reiterating its commitment to fostering a resilient and inclusive financial ecosystem in the region.

Source : www.wam.ae