March 30, 2023

Dubai Week

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The Ministry of Climate Change and Environment and the Emirates Development Bank have signed an MoU to finance modern agriculture projects.

The Ministry of Climate Change and Environment and the Emirates Development Bank have signed an MoU to finance modern agriculture projects.

The Ministry of Climate Change and Environment and the Emirates Development Bank – the main financial driver of the economic diversification and industrial transformation agenda in the UAE – signed a memorandum of understanding on a program to finance modern agriculture projects in the field of food security. The mission is to provide financing solutions to small and medium enterprises and emerging companies to contribute to the sustainable economic growth of the UAE. This is to support the food security sector, one of the Bank’s five priority sectors of focus. Improving the economic resilience and competitiveness of the country’s business environment.

It was signed by His Excellency Mohammed Musa Al Amiri, Assistant Undersecretary for Food Diversity at the Ministry of Climate Change and Environment, and Ahmed Mohammed Al Naqbi, CEO of Emirates Development Bank.

The note comes as part of the ministry’s efforts to improve the capabilities of local agricultural production within the framework of its strategy to achieve food security and its effort to develop programs to enhance the contribution of the environment, agriculture, livestock and fisheries sectors. It seeks to enhance the country’s position as a global hub for developed countries, within the framework of Emirates Development Bank’s role in securing food and essential security in the country and in an integrated vision for the future of the economy. industry and future industries while ensuring industry, food and technology security.

For his part, the Assistant Undersecretary for Food Diversity, Ministry of Climate Change and Environment said that one of the priorities of the Ministry of Climate Change and Environment is to improve local agricultural production capabilities by expanding modern farming methods. To achieve within its strategy to ensure food security.

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The MoU with the Emirates Development Bank comes as part of the Ministry’s efforts to enhance collaboration with its strategic partners and stimulate modern agricultural projects related to agriculture, livestock and fish production by exploring opportunities and providing appropriate financing schemes. Attracts a large segment of youth and entrepreneurs.”

For his part, Ahmed Mohammed Al Naqbi, Chief Executive Officer of Emirates Development Bank, said, “At Emirates Development Bank, we focus on supporting sectors that are national priorities and contribute to economic diversification and growth of non-oil GDP. To enhance domestic production and support sustainable development, agriculture, livestock, fisheries, We are pleased to sign this memorandum as part of our efforts to support the food security sector, which includes water desalination and other technology-based food and agriculture solutions.

Al Naqbi added, “This note reflects our commitment to the National Food Security Strategy 2051, which focuses on achieving resilience in food technology and agriculture, which will improve the country’s food, water and agricultural system. At Emirates Development Bank, we place great emphasis on the food security sector because production We believe that our partnership with the Ministry of Climate Change and Environment will contribute to accelerating the pace of this important sector. Explore areas of collaboration and provide flexible and competitive financial solutions and non-financial solutions to support companies operating in the sector and advance its growth and sustainability.

Under the MoU, both parties will work to identify mutual opportunities for cooperation in developing areas of work in the field of food security and supporting small, medium and emerging enterprises and environmental sustainability.

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The Ministry, in coordination with the Bank, will conduct periodic seminars and introductory courses on modern agriculture, related systems and technologies, their benefits and extent of their contribution in ensuring food security and achieving sustainability.

Under the MoU, a joint committee will be formed which will oversee the fulfillment of the objectives of cooperation between the two parties.

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