Monday February 26th, 2024
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Emirates Development Bank Launches $27 Million Agritech Loans Program

The programme aims to empower farms, local growers, and food suppliers by supporting their adaptation and modernization efforts.

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Emirates Development Bank (EDB) has unveiled the UAE's first-of-its-kind Agritech Loans Programme, allocating a substantial Dh100 million ($27 million) in financing support to the country's vital food security sector. With a vision to enhance food security and position the UAE as a global leader in agricultural innovation, the programme aims to empower farms, local growers, and food suppliers by supporting their adaptation and modernization efforts.

The programme's target customers include farmers, local producers, technology providers, equipment suppliers, and those involved in the agriculture support ecosystem. It offers green- and brownfield project financing, CAPEX and working capital financing, and medium-term loans or working capital amounts of up to Dh5 million with competitive rates and a tenure of 10 years. The Agritech financing programme also provides grace periods of up to 2.5 years, ensuring increased financial flexibility and support for borrowers in the agricultural technology sector.

By fostering collaboration between financial institutions and the agriculture sector, EDB looks to catalyze the growth of domestic food production, enhance supply chain resilience, and contribute to the nation's economic development.

EDB aims to approve Dh30 billion in financing support to 13,500 companies within its five priority sectors - food security, renewables, manufacturing, technology, and healthcare - by 2026, further solidifying its role as a key financial engine of UAE's economic development and industrial advancement.

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