EDB is extending a lending hand for agritech: The Emirates Development Bank (EDB) has launched AED 100 mn (c. USD 27.2 mn) in financing for the UAE’s food security sector under the country’s first agritech loans program, Wam reports.

What we know: The new program aims to “empower farms, local growers and food suppliers by supporting their adaptation and modernisation efforts.” The funds will be funneled towards facilitating the implementation of agriculture techniques, advanced irrigation systems, crop monitoring tools, and other sustainable practices. The new product will offer green and brownfield project financing, CAPEX and working capital financing, and medium-term loans or working capital of up to AED 5 mn with a ten-year tenor. It will also provide a grace period of up to 2.5 years to beneficiaries.

What they said: “EDB’s commitment to empowering the agricultural community aligns with the UAE's national agenda, which places utmost importance on achieving food self-sufficiency and reducing dependence on imports. By fostering collaboration between financial institutions and the agriculture sector, EDB aims to catalyze the growth of domestic food production, enhance supply chain resilience and contribute to the nation's economic development,” EDB CEO Ahmed Al Naqbi said.

More in the pipeline: The latest program comes under the bank’s mandate to approve AED 30 bn in financing to back thousands of businesses in five priority sectors, which include food security, renewables, manufacturing, technology, and healthcare by 2026.

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