The Ministry of Climate Change and Environment and the Emirates Development Bank sign a memorandum of understanding to finance modern agricultural projects

The Ministry of Climate Change and Environment and the Emirates Development Bank - the main financial driver of the economic diversification and industrial transformation agenda in the UAE - signed a memorandum of understanding on the program for financing modern agricultural projects in the field of food security, with the aim of providing financing solutions to support small and medium-sized companies and emerging companies to contribute to the sustainable economic growth of the UAE. This is to support the food security sector, which is one of the five priority sectors that the bank focuses on to enhance the economic resilience and competitiveness of the country's business environment.

The memorandum was signed by His Excellency Mohammed Musa Al Amiri, Assistant Undersecretary for Food Diversity at the Ministry of Climate Change and Environment, and Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank.

The memorandum comes as part of the Ministry's efforts to enhance the capabilities of local agricultural production within the framework of its strategy to achieve food security, and based on its endeavor to develop programs to raise the contribution of the environmental, agricultural, livestock and fisheries sectors to securing food and vital security in the country, and within the framework of the role of the Emirates Development Bank within the integrated vision for the future of the economy. The National, which seeks to enhance the country’s position to be a global center for advanced industry and industries of the future, while ensuring industrial, food and technological security.

For his part, the Assistant Undersecretary for the Food Diversity Sector at the Ministry of Climate Change and Environment said that enhancing local agricultural production capabilities by expanding the adoption of modern agricultural systems is one of the priorities that the Ministry of Climate Change and Environment is keen to achieve within its strategy to ensure food security.

He added, "The memorandum of understanding with the Emirates Development Bank comes as part of the ministry's efforts to enhance cooperation with its strategic partners and stimulate modern agricultural projects with regard to agricultural, livestock and fish production by exploring opportunities and providing appropriate financing programs that attract a large segment of young people and entrepreneurs."

For his part, Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said, "At Emirates Development Bank, we focus on supporting sectors that contribute to economic diversification and the growth of non-oil GDP, and that have a national priority to enhance domestic production and support sustainable growth. We are pleased to sign this memorandum, which falls within Our efforts to support the food security sector that includes agriculture, livestock, fisheries, water desalination and other technology-based food and agricultural solutions.”

Al Naqbi added, "This memorandum reflects our commitment to the National Food Security Strategy 2051, which focuses on achieving flexibility in food technology and agriculture, in a way that enhances the food, water and agricultural system in the country. At the Emirates Development Bank, we attach great importance to the food security sector because of its pivotal role in enhancing production. We are confident that our partnership with the Ministry of Climate Change and Environment will contribute to accelerating the pace of this vital sector, as we will work closely together to explore areas of cooperation and provide flexible and competitive financing solutions and non-financing solutions to support companies operating in this sector and advance its growth and sustainability.”

Under the memorandum, the two parties will work to identify mutual opportunities for cooperation in enhancing work areas in the field of food security and supporting small, medium and emerging companies. and environmental sustainability.

The Ministry, in coordination with the Bank, will hold periodic seminars and introductory courses in the fields of modern agriculture, related systems and technologies, their benefits and the extent of their contribution to ensuring food security and achieving sustainability.

Under the memorandum, a joint committee will be formed, which will oversee the achievement of the objectives of cooperation between the two parties.

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