EDB Triumphs at 11th Annual International Finance Awards for Financing Solutions
Mokshita P.
10x Industry

EDB Triumphs at 11th Annual International Finance Awards for Financing Solutions

UAE's EDB recognised for its financing solutions and commitment to economic impact, supporting businesses across key sectors and aiming for AED30 billion in financing by 2026.

Emirates Development Bank, a financial engine driving economic development and industrial advancement in the UAE, was awarded the 'Best Regional Development Bank' accolade at the 11th Annual International Finance Awards held in Dubai on 18 January.

The recognition acknowledges EDB's contributions to economic growth through its long-term patient debt approach and innovative financing solutions, aimed at empowering businesses and boosting economic impact in the region.

Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank, expressed delight at receiving the esteemed award, emphasizing that it underscores EDB's commitment to innovative financing solutions and its role in enabling investments with a significant economic footprint in the UAE. Al Naqbi highlighted the bank's achievements over the past year, showcasing its innovative approach as a development bank and focus on sectors crucial for the UAE's sustainable future.

EDB continues to play an important role in delivering economic impact by supporting businesses across five priority sectors: renewables, manufacturing, technology, healthcare, and food security. The bank aims to provide AED 30 billion in financing support to 13,500 companies by 2026, with a particular emphasis on SMEs. EDB's commitment to enhancing the bankability and financial inclusion of SMEs is evident through its partnership with 12 commercial banks under the Credit Guarantee Scheme, guaranteeing up to 50 percent of loans for SMEs to improve their creditworthiness and access to finance.

As the sole development bank in the UAE, EDB addresses critical lending gaps in the market by financing projects with higher development impact, prioritising economic growth. The bank has also taken a lead in climate finance by launching dedicated financing programs in 2023. These include the Agritech Loans Program, offering up to AED 5 million in finance with a 10-year tenor, and the Solar Energy Financing Program, designed to support businesses, particularly Micro, Small, and Medium Enterprises, in transitioning to cleaner energy sources.

The International Finance Awards, initiated in 2013 by International Finance, a premium business and finance magazine under the UK's International Finance Publications Limited, aim to recognise industry talents, leadership skills, net worth, and capabilities on an international platform. The 'Best Regional Development Bank' award specifically acknowledges banks leading in innovation, economic development, and customer service excellence. EDB's receipt of this accolade further solidifies its position as a key player in leading sustainable economic growth in the UAE.