EDB seals MoU with ADDED’s Industrial Development Bureau

By Shilpa Annie Joseph, Official Reporter
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EDB signs MoU with IDB
Officials during signing ceremony | Courtesy: WAM

Emirates Development Bank (EDB), a key financial engine of the UAE’s economic development and industrial advancement, has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Department of Economic Development’s Industrial Development Bureau (IDB) to continue its support of the Financial Ecosystem Program.

IDB’s Financial Ecosystem Program is designed to assist local companies in accessing the best finance providers and products efficiently. The financing facilitation platform allows investors to seek the most appropriate financing from a range of local banks with a few clicks.

The Financial Ecosystem Program is a simple and straightforward method for Abu Dhabi-based companies to receive finance offers from a range of banks all at once, allowing them to choose the package that best meets their needs.

Mr. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, stated that, “We are pleased to be part of IDB’s Financial Ecosystem Program, as this is a significant initiative in achieving the UAE’s Industrial Strategy. As a key financial engine for the economic development of the UAE, EDB is committed to enabling plans that strengthen the national industrial ecosystem across key sectors, driving global competitiveness and sustainable growth for the country.”

Eng. Arafat Al Yafei, Executive Director of IDB, commented that, “We look forward to further enhance the partnership with Emirates Development Bank as we are forging ahead with our efforts to achieve the objectives of the Abu Dhabi Industrial Strategy. As part of these initiatives, IDB has developed the financial ecosystem program to enhance access to funding, equipping manufacturers, and investors with the necessary support to benefit from ample, promising opportunities in Abu Dhabi’s industrial sector and the emirate’s business-friendly ecosystem.”

Related: ADDED launches Abu Dhabi Channel Partners to boost industrial investments