{"id":78135,"date":"2023-06-21T01:00:58","date_gmt":"2023-06-21T01:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/06\/21\/emirates-development-bank-launches-aed-100-mn-lending-program-for-agritech\/"},"modified":"2023-06-21T01:00:58","modified_gmt":"2023-06-21T01:00:58","slug":"emirates-development-bank-launches-aed-100-mn-lending-program-for-agritech","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/06\/21\/emirates-development-bank-launches-aed-100-mn-lending-program-for-agritech\/","title":{"rendered":"Emirates Development Bank launches AED 100 mn lending program for agritech"},"content":{"rendered":"

<\/a> EDB is extending a lending hand for agritech:<\/strong> The Emirates Development Bank (EDB) has launched AED 100 mn (c. USD 27.2 mn) in financing for the UAE\u2019s food security sector under the country\u2019s first agritech<\/a> loans program, Wam<\/a> reports.<\/p>\n

What we know:<\/strong> The new program aims to \u201cempower farms, local growers and food suppliers by supporting their adaptation and modernisation efforts.\u201d The funds will be funneled towards facilitating the implementation of agriculture techniques, advanced irrigation systems, crop monitoring<\/a> 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.<\/p>\n

What they said:<\/strong> \u201cEDB\u2019s 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,\u201d EDB CEO Ahmed Al Naqbi said.<\/p>\n

More in the pipeline:<\/strong> The latest program comes under the bank\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s food security sector under the country\u2019s first agritech loans program, Wam reports. What we know: The new program aims to \u201cempower farms, local growers and food suppliers by […]<\/p>\n","protected":false},"author":1,"featured_media":78136,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[178,83,506,11,391,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-agritech","tag-debt-watch","tag-emirates-development-bank","tag-enterpriseclimate","tag-food-security","tag-uae","wpautop","entry"],"acf":{"mongo_id":"482fc217-a63c-4900-aeab-a072411a4a81","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1413.jpeg","photo_position":"above","related_issue":[78125],"teaser":"","voice_url":""},"yoast_head":"\nEmirates Development Bank launches AED 100 mn lending program for agritech - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/06\/21\/emirates-development-bank-launches-aed-100-mn-lending-program-for-agritech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emirates Development Bank launches AED 100 mn lending program for agritech\" \/>\n<meta property=\"og:description\" content=\"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\u2019s food security sector under the country\u2019s first agritech loans program, Wam reports. 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