Ministry of Climate Change and Environment to Cooperate with Emirates Development Bank in Financing Modern Agricultural Ventures
Dubai-UAE: 2 August, 2022 – The Ministry of Climate Change and Environment (MOCCAE) and Emirates Development Bank (EDB),the key financial engine of the UAE’s economic diversification and industrial transformation agenda, signed a memorandum of understanding (MoU) to set up a scheme to offer finance solutions to modern agricultural SMEs and start-ups in a bid to contribute to the UAE’s sustainable economic development and food security – one of EDB’s five priority sectors that plays a vital role in strengthening the economic resilience and competitiveness of the UAE.
The agreement was signed by His Excellency Eng Mohammed Mousa Alameeri, Assistant Undersecretary for the Food Diversity Sector at MOCCAE, and Mr Ahmed Mohamed Al Naqbi, CEO of EDB.
The MoU aligns with MOCCAE’s endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security. It is also in line with EDB’s role under the umbrella of the comprehensive vision for the national economy that seeks to position the country as a global hub for industry, advanced technology and the industries of future, while guaranteeing its industrial, food, and technological security.
His Excellency Eng Alameeri said: “Improving local agricultural production through promoting the adoption of modern agriculture is a priority for MOCCAE in line with its strategy to enhance food security. The agreement with EDB falls within the Ministry’s efforts to join forces with strategic partners to explore opportunities that drive agricultural and fisheries production and launch appropriate financing schemes to attract entrepreneurs.”
For his part, Ahmed Mohamed Al Naqbi said: “EDB is focused on supporting sectors that diversify the economy towards non-oil GDP, and develop sectors that are a national priority for economic self-reliance and those that offer stable and sustainable growth. We are pleased to sign this MoU, which is in line with our efforts to support the food security sector that includes agriculture, fisheries, aquaculture, and water desalination and other tech-based food and agricultural solutions.”
Al Naqbi added: "The MoU reflects our commitment to the UAE’s National Food Security Strategy 2051 which focuses on implementing resilient agricultural practices that increase productivity. Food Security sector is one of EDB’s priority sectors due to its pivotal role in the sustainable development in the country. We are confident that our partnership with the Ministry of Climate Change & Environment will contribute to further accelerating the growth of this sector, and we will work closely together to explore areas of collaboration and provide flexible and competitive financing and non-financing solutions to support companies operating in this sector.”
Under the agreement, the two parties will identify collaboration opportunities in food security and supporting SMEs and start-ups. EDB will offer financing solutions to modern agricultural businesses, while MOCCAE will host regular seminars and introductory courses on modern agricultural methods and technologies, highlighting their importance for food security and the sustainability of the sector.
A joint committee will be formed to oversee the implementation of the agreement.