ABU DHABI / WAM
The Board of Directors of the Emirates Development Bank (EDB) approved AED1.45 billion worth of housing finance for UAE nationals, during its meeting on Wednesday.
The bank’s financing solutions provide up to AED5 million for home buyers and up to AED3 million towards construction, enabling Emiratis to maintain a good standard of living.
The meeting was chaired by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and Chairman of the Board of Directors of EDB.
The board discussed various topics on the agenda, initiating decisions on integral issues and approved the financial statements for 2018. The board reflected on operational and regulatory achievements during first quarter of 2019, which contributed to improving overall financial performance and gro- wth of bank’s finance portfolio.
EDB also approved AED407 million worth of business financing to Emirati-owned and managed businesses. Earlier this year, the bank launched its AED100 million credit guarantee scheme designed for SMEs. The scheme offers up to AED2 million financing to start-ups where EDB guarantees their financed amount for up to 85 percent, and up to AED5 million financing to existing SMEs where EDB also guarantees up to 70 percent of their financed amount.
In addition, the bank launched its AED50 million “start-ups finance” programme which provides Emirati entrepreneurs access to funding, thus enabling them to build and develop their business.