May 19, 2022

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Emirates Development Authority reviews its role in achieving financial content for start-ups and small businesses

Emirates Development Authority reviews its role in achieving financial content for start-ups and small businesses

Emirates Development Bank, the Financial Director of the Economic Diversification and Industrial Transformation Program in the United Arab Emirates, has confirmed the continuity of its efforts and achievements to enhance the financial content of entrepreneurs and start-ups in the UAE. And medium-sized companies, and improving their ability to access financial services through direct financial solutions indirect and digital services.

During the Arabian Addition Day, which falls on April 27 each year, the Bank offers integrated solutions to companies, especially small and medium enterprises, through direct or indirect financing, such as partnership loan guarantee schemes. To ensure that entrepreneurs and project owners have access to comprehensive, secure and fast banking solutions that support their businesses 24 hours a day with commercial banks or through the bank’s digital solutions.

Ahmed Al Naqbi, CEO of Emirates Development Bank, said: “Fundraising is one of the pillars of sustainable economic growth. We provide flexible and customized financial solutions for small and medium enterprises that facilitate access to corporate financing solutions within our commitment to create a supportive business environment and as part of Development Banking’s mission, to enable these companies to expand their businesses, accelerate their business growth and accelerate sustainable economic growth. Also contributes to improving the role.
Al Naqbi added: “Emirates Development Bank has made significant achievements in the first year of implementation of its new strategy, contributing to the improvement of financial content, putting small and medium enterprises at the forefront of its priorities. .SMEs is, first and foremost, launching a digital application for easy and quick access to banking services for small and medium enterprises and partnerships with businesses to ensure that banks finance small and medium enterprises and develop financial solutions that support business recovery after the Govt-19 epidemic. Improving specialized development performance to evaluate companies and projects applying for funding in line with growth.GDP growth, job creation Impact such as their potential contribution to the sector, national value added, access to their sector and financial resources, along with other criteria such as risk and profit accounts commonly used by commercial banks in estimating.
Last September, the bank launched its digital solutions that allow start-ups and small and medium enterprises to release IBAN in minutes, and its implementation is completed within 48 hours without a minimum balance, while providing digital banking services 24 hours a day.
The Bank has launched the “Sanath” initiative worth 100 million dirhams to finance small and medium enterprises owned and managed by Emirati citizens and to accelerate their growth after Govt-19, as the financial demands are met within five. Working days, and the financial appraisal process mainly depends on the financial performance of companies in 2019 (before Govt), which also takes into account the financial performance of these companies for 2020 and 2021, taking into account the utilization of easing requirements. .
The Arab Day for Fundraising was launched in 2016 by the Council of Governors of the Arab Central Banks and Monetary Institutions. The Council adopted April 27 each year to celebrate this event, defining key objectives that support sustainable economic growth. , Job creation and promotion of social justice.

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