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UAE bank invests $196m in food security projects

By Pramod Kumar
Emirates Development Bank's agritech loans aim to reach National Food Security Strategy 2051 targets Unsplash/Lumin Osity
Emirates Development Bank's agritech loans aim to reach National Food Security Strategy 2051 targets

State-owned Emirates Development Bank (EDB) has approved over AED721 million ($196.29 million) in financial support for food security projects since the launch of its new strategy in April 2021.

The bank has allocated AED30 billion to support 13,500 small and medium-sized enterprises (SMEs) in five priority sectors: manufacturing, renewables, technology, healthcare, and food security.

Bank CEO Ahmed Mohamed Al Naqbi stated investments in agriculture and innovation were needed to boost national food security.

Food security is one of the five priority sectors that EDB supports to contribute to the UAE’s national development and economic diversification plans.

The agritech loans programme provides long-term loans of up to AED5 million to local producers, farmers, agribusinesses, and food-related projects. The bank has already earmarked AED100 million to support the programme.

The UAE has launched the Cop28 food and agriculture agenda ahead of the Cop28 conference to ensure the world has a dedicated platform to discuss food security issues and the financing of food system innovations. 

Last month the bank launched a solar energy finance programme to support micro, small, and medium enterprises in the UAE to overcome cost barriers.

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