Emirates Development Bank, the key financial engine of UAE’s economic development and industrial advancement, has inked a Memorandum of Understanding (MoU) to create supply chain finance and working capital solutions for SMEs in collaboration with Trade Capital Partners (TCP).
In alignment with government priorities, EDB continues to deliver on its mission of fostering a healthy, sustainable, and self-reliant economy, with a mandate to approve AED 30 billion in financing support to 13,500 companies within its five priority sectors namely – renewables, manufacturing, technology, healthcare, and food security by 2026.
The MoU will see the creation of a working group to discuss new ways of delivering supply chain financing to small and medium enterprises in the UAE. Supply chain finance reduces the risk of supply chain disruption and enables both buyers and suppliers to optimize their working capital.
Shaker Zainal, Chief Business Officer of Emirates Development Bank, said: “We are constantly looking at new and innovative ways to support SMEs, which contribute to more than 60 per cent of the UAE’s non-oil GDP. Under this MoU, we will leverage our expertise combined with TCP’s platform to jointly bring more financing solutions to a wider range of businesses. This reflects our value in excelling through partnerships and will further support the growth of SMEs and promote innovation in the UAE.”
Bill Crawley, Founder & COO of TCP, said: “SMEs are the driving force of an economy, and start-ups are the future drivers. In line with other government initiatives to grow and drive these sectors, this partnership will provide significant support to this ecosystem and provide trade finance alternatives to growing businesses. Leveraging state-of-the-art technology and processes, TCP will revolutionize the landscape of trade finance, empower entrepreneurs, SMEs and startups to unleash their potential and thrive in the domestic and global marketplace.”
The MoU signing took place at EDB’s Abu Dhabi head office, in the presence of Ahmed Mohamed Al Naqbi, EDB’s CEO, and Bill Crawley, founder and COO of TCP. They were joined by Neeraj Gandhi, EDB’s Senior Vice President, Product Development (mSMEs); Adel Alkhaja, co-founder and commercial director of TCP; and Rejish Sathyadevan, TCP Operations Manager.
This partnership was facilitated by Hub71, Abu Dhabi’s global tech ecosystem, as a part of its efforts to support startups with commercial opportunities through its network of leading corporate and government partners in the UAE.
