EDB signs MoU with Abu Dhabi’s IDB

Emirates Development Bank (EDB), a key financial engine of the UAE’s economic development and industrial advancement, 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 Programme. The MoU signing took place on the first day of the at Make It in the Emirates Forum, taking place from May 31 to June 1, 2023, at the Abu Dhabi Energy Center.

IDB’s Financial Ecosystem Programme 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 Programme 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.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: “We are pleased to be part of IDB’s Financial Ecosystem Programme, 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, said: “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 have developed the financial ecosystem programme to enhance  access to funding, equipping manufacturers, and investors with necessary support to benefit from ample, promising opportunities in Abu Dhabi’s industrial sector and the emirate’s business-friendly ecosystem.”