The Emirates Development Bank, the economic driver behind the economic diversification and industrial transformation agenda in the United Arab Emirates, has reaffirmed its continued efforts and results in support of strengthening financial inclusion in the United Arab Emirates by improving the banking capacity of entrepreneurs and new, small and medium-sized enterprises, and strengthening their ability to access financial services through solutions Direct and indirect financing and digital services.
On the occasion of the Arab Financial Inclusion Day, which falls on 27 April each year, the Bank emphasized that the integrated solutions it provides to companies, especially small and medium-sized ones, through direct or indirect financing, include loan guarantee programs in partnership with commercial banks, or through the bank’s solutions digitally to ensure that entrepreneurs and project owners have access to comprehensive, secure and fast banking solutions that support their businesses around the clock.
Ahmed Al Naqbi, CEO of Emirates Development Bank, said: “Financial inclusion is one of the pillars of the sustainable economic development process. Emirates Development Bank’s main tools for achieving financial inclusion are the introduction of specialized financial solutions and the use of Digital services to facilitate companies’ access to financing solutions that help support the success of their companies, as part of the Emirates Development Bank’s mission to enable the economic diversification and industrial transformation of the UAE, and as part of our commitment to create a supportive business environment, we offer flexible and customized financing solutions for small and medium-sized enterprises, which help to increase the financial inclusion in the country, enable these companies to expand their businesses, and strengthen its industrial role is to accelerate the pace of sustainable economic development.
Al Naqbi added: “Emirates Development Bank has achieved qualitative results that have helped strengthen financial inclusion during the first year of the implementation of its new strategy, which places support for the growth of small and medium-sized enterprises at the forefront The bank’s experience in achieving the goals of financial inclusion is full of many qualitative innovations to improve the viability of banks for small and medium-sized enterprises, of which the launch of a digital application provides easy and fast access to banking services for new and small and medium-sized enterprises, and partnerships with commercial banks, to secure their financing for small and medium-sized enterprises, in addition to developing financing solutions that support the recovery of companies after the (Covid-19) pandemic, and developing a specialized target for development results for to evaluate companies and projects applying for funding, depending on their economic development impact, such as their potential contribution to GDP growth, job creation and national added value, its sector and its access to funding sources, in addition to other criteria that commercial banks typically use in valuation, such as risk and surplus accounts.
Last September, the bank launched its digital solutions, which allow start-ups, SMEs to issue an IBAN within minutes, and its activation is completed within 48 hours with no minimum balance, while offering digital banking services around the clock.
The Bank launched the 100 million dirham “Sanad” initiative to enable the financing of small and medium-sized enterprises owned and managed by Emirati citizens and to support the acceleration of their growth after “Covid-19 “, as financing requests are processed within five working days, and the financing evaluation process depends mainly on the results of the companies’ financial results in 2019 (before Covid), and it also takes into account the financial results of these companies for the years 2020 and 2021, taking into account mitigation requirements.
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