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UAE-based Emirates Development Bank (EDB) has added “renewables” to its priority sectors for financing as the country gears up to host COP28.
The bank’s five-year strategy, now in its second year, seeks to empower SMEs and large corporations in five priority sectors: renewables, manufacturing, technology, healthcare and food security.
EDB’s mandate is to deploy 30 billion UAE dirhams ($8.17 billion) in financing support to 13,500 companies within these sectors by 2026, it said in a press statement.
Ahmed Mohamed Al Naqbi, CEO of EDB, said the bank is redoubling its efforts to support companies operating in the renewables sector, maximising support for sustainable development and advanced low-carbon industries in line with the UAE’s Net Zero ambitions.
For renewable energy projects in the UAE, the bank will offer finance up to 100 percent of the project value with a maximum tenor of 15 years and a two-year grace period.
The UAE will host COP28 at Expo City Dubai from November 30–December 12.
(Writing by P Deol; Editing by Anoop Menon)
