Sharjah Chamber, Emirates Development Bank Sign MoU to Support Industrial & SME Sector
Sharjah/ Abu Dhabi, 11 July 2021: The Sharjah Chamber of Commerce and Industry [SCCI] and Emirates Development Bank [EDB], a key financial enabler of the country’s economic diversification and industrial transformation agenda, today signed a Memorandum of Understanding (MoU) to foster the development and growth of UAE-based manufacturers, exporters and SMEs through financial support.
As part of the MoU, both entities will strengthen cooperation to develop joint entrepreneurship programs, build awareness and promote knowledge sharing. For its part, EDB will extend direct and indirect lending support, equity funding for SMEs and startups in the priority sectors as well as non-financial support in the form of mentorship and business guidance.
Welcoming the partnership, H.E. Abdullah Sultan Al Owais, Chairman of SCCI, said: “The ultimate goal for this MoU is to promote economic diversification and support the strategic goals defined by the Ministry of Industry and Advanced Technology.”
His Excellency added: “Through the agreement, we seek to leverage EDB’s innovative banking solutions to empower manufacturers and SMEs in the Emirate of Sharjah and partner with the Sharjah Export Development Center in improving financial access to exporters. Moreover, the SCCI’s ‘Sadr’ Fund will also offer the necessary liquidity to exporters and reduce risks in export operations through credit protection.”
Commenting on the MoU, Ahmed Mohamed Al Naqbi, CEO of EDB, said: “In line with our new strategy, EDB is proud to partner with the Sharjah Chamber of Commerce and Industry to support the industrial and SME sectors, which continue to play a pivotal role in the country’s economic diversification and long-term growth. Through our collaborative efforts, we will provide financial and non-financial support to entities operating in priority sectors to ensure that they are viable in the long run and can make a valuable contribution to the UAE’s growth journey.”