Emirates Development Bank (EDB) will fund housing, industrial and business projects for citizens of the UAE, including housing finance for 30,000 Emiratis between 2015 and 2021. The bank has allocated authorized capital of AED10 billion ($2.7 billion), and source capital of AED5 billion to help fund developmental, residential and industrial projects for Emiratis. The bank will also allocate $136 million (AED500m) towards a credit guarantee scheme with other banks, to be available for Emirati SMEs and the owners of small businesses, in addition to AED300 million for SMEs. The bank is also offering numerous financial products to UAE citizens including supplementary loans, home purchase and construction loans. Products for local businesses will include an SME business loan, credit guarantee scheme, business account and strategic sector finance for qualifying clients.
