Emirates Development Authority reviews its role in delivering financial content for start-ups and small businesses

Emirates Development Bank, the CFO of the Economic Diversification and Industrial Transformation Program in the United Arab Emirates, confirmed its continued efforts and achievements to improve financial content for entrepreneurs and start-ups in the United Arab Emirates. And mid-sized businesses, and improving their ability to access financial services through indirect direct financial solutions and digital services.

On Arabian Addition Day, which falls on April 27 each year, the Bank offers integrated solutions to businesses, especially small and medium-sized enterprises, through direct or indirect financing, such as partnership loans. Ensure that entrepreneurs and project leaders have access to complete, secure and fast banking solutions that support their activities 24 hours a day with commercial banks or via the bank’s digital solutions.

Ahmed Al Naqbi, CEO of Emirates Development Bank, said: “Fundraising is one of the pillars of sustainable economic growth. We provide flexible and customized financial solutions for small and medium enterprises that facilitate access to corporate finance solutions as part of our commitment to creating a favorable business environment and as part of Development Banking’s mission, to enable these companies to expand their activities, accelerate their growth and accelerate sustainable economic growth. Also contributes to the improvement of the role.
Al Naqbi added: “Emirates Development Bank has made significant achievements in the first year of implementing its new strategy, contributing to improved financial content, placing small and medium enterprises at the forefront of its priorities. .SMEs first and foremost launches a digital app for easy and fast access to banking services for small and medium enterprises and partnerships with businesses to ensure that banks finance small and medium enterprises and develop financial solutions that support business recovery after government 19 epidemic Improve specialized development performance to assess businesses and projects that seek funding based on growth GDP growth, job creation Impact such as their potential contribution to the sector, the national added value, access to their sector and to the resources financials, as well as other criteria such as risk and profit accounts commonly used by commercial banks for valuation.
Last September, the bank launched its digital solutions that allow start-ups and small and medium-sized businesses to unlock the IBAN in a few minutes, and its implementation is done in 48 hours with no minimum balance, while offering digital banking services. 24 hours a day.
The Bank has launched the “Sanath” initiative worth 100 million dirhams to finance small and medium-sized enterprises owned and managed by Emirati citizens and to accelerate their growth after the government-19, as financial demands are met within five years. Working days and the process of financial evaluation mainly depends on the financial performance of companies in 2019 (before the government), which also takes into account the financial performance of these companies for 2020 and 2021, taking into account the use of relaxation requirements. .
Arab Fundraising Day was launched in 2016 by the Board of Governors of Arab Central Banks and Monetary Institutions. The Council adopted April 27 each year to celebrate this event, setting key goals that support sustainable economic growth. , Job creation and promotion of social justice.

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