The UAE Ministry of Climate Change and Environment (MoCCAE) and the Emirates Development Bank (EDB) have signed a Memorandum of Understanding to set up a program to offer financing solutions to SMEs and modern agricultural startups.
According to the state news agency, W.A.M.The MoU aligns with the Ministry’s efforts to increase local agricultural production to increase the sector’s role in enhancing food security in the UAE.
Mohammed Mousa Alameeri, Deputy Undersecretary for the Dietary Diversity Sector at MoCCAE, said, “Enhancing local agricultural production by promoting the adoption of modern agriculture is a priority for MoCCAE, in accordance to its strategy to strengthen food security.
“The agreement with the EDB is part of the ministry’s efforts to join forces with strategic partners to explore opportunities that boost agricultural and fisheries production and launch appropriate financing programs to attract entrepreneurs” .
Ahmed Mohamed Al Naqbi, CEO of EDB, said, “EDB focuses on supporting sectors that diversify the economy towards non-oil GDP and develop sectors that are a national priority for economic empowerment and those that offer stable and sustainable growth. . We are pleased to sign this Memorandum of Understanding, which is part of our efforts to support the food security sector which includes agriculture, fisheries, aquaculture and water desalination as well as other technology-based food and agricultural solutions.
Al Naqbi added, “The MoU reflects our commitment to the UAE National Food Security Strategy 2051, which focuses on implementing resilient agricultural practices that increase productivity. The food security sector is one of the priority sectors of the EDB because of its pivotal role in the sustainable development of the country.
“We will work closely to explore areas of collaboration and provide flexible and competitive financing and non-financing solutions to support companies operating in this sector.”
As part of the MoU, both parties will identify opportunities for collaboration in food safety and support SMEs and startups.
The bank will provide financing solutions for modern agricultural enterprises, while the MoCCAE will regularly organize seminars and introductory courses on modern agricultural methods and technologies.
Recently, EDB signed a credit facility agreement with Valiant Healthcare, owner of Valiant Clinic & Hospital, a UAE-based multi-specialty clinic and hospital located at CityWalk Dubai.
Read: Emirates Development Bank signs credit facility agreement with Valiant Healthcare