Thursday, July, 07, 2022 04:35:41

EDB in talks with BGK to boost alliance & support economic development

Dubai-based Emirates Development Bank (EDB) is reportedly holding talks with BGK (Bank Gospodarstwa Krajowego), Poland’s national development bank, to support economic development.

Representatives from BGK and EDB organized an online meeting to discuss ways of supporting major corporations, medium, and small entrepreneurs, and enterprises as well as to help foster overall economic growth in their respective countries.

Chief Executive Ahmed Al Naqbi represented EDB whereas BGK President Beata Daszynska-Muzyczka led the meeting from the bank’s side. Mr. Al Naqbi stated that the meeting with BGK was intended to exchange experiences and knowledge with its international partners.

EDB was founded in 2011 post a merger between Real Estate Bank and Emirates Industrial Bank. It intends to offer USD 8.16 billion in funding over the next five years to back the country’s efforts to expand its industrial sector by 2031.

It will finance industries like infrastructure, health care, technology, and food security and intends to produce 25,000 jobs.

Recently, EDB inked agreements with several lenders, including Commercial Bank of Dubai, RAKBank, and others to provide credit assurances and take part in lending initiatives to SMEs in critical sectors in the UAE.

BGK supports the socio-economic development of Poland via financing. It has several funds committed to the development of the inland waterways, the housing sector, roads, and tourism.

Over the past year, EDB contributed USD 520 million (Dh1.91 billion) to the GDP of UAE as it continues to play a critical role in supporting the industrial strategy of the country.

The bank has also offered indirect and direct funding to almost 1,350 SMEs across important sectors and unveiled a credit-assured platform, which moved capital up to USD 90.38 million (Dh332 million) for SMEs.

For the record, EDB has two fully working branches in Dubai and Abu Dhabi. It also has a digital platform to offer financial and non-financial services to its customers.

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