Billion dirhams in the “UAE Development Fund” in 2018Truth Consultancy
The Board of Directors of the Emirates Development Bank approved the budget of 2018 by allocating 1 billion dirhams to achieve growth in the bank’s loan portfolio, which included a financing strategy for small and medium enterprises.
The bank will fund innovative entrepreneurs with 100 million dirhams in 2018 by issuing bank guarantees to national banks and banks involved in financing, innovative entrepreneurs under the care of the Mohammed Bin Rashid Innovation Fund.
The main strategy of the Bank included several axes, the adoption of the small and medium company Financing Strategy, the establishment of the Emirates Company for the registration of movable and mortgaged assets, the adoption of the Mohammed Bin Rashid Innovation Fund business strategy, and the modernization of the housing loan strategy for citizens.
A statement by the bank said that small and medium companies are the main focus of the country’s economy as the main driver for creating many jobs and introducing new and innovative business models to promote the country’s sustainable economic development, strengthen its regional and global competitiveness and accelerate the country’s move towards a knowledge-based and innovation economy.
It is expected that the Emirates Company for the registration of movable and mortgaged assets will start operating in the second half of January 2018.