UAE bank unveils a $27 million initiative to support AgriTech firms
In 2021, the National Food Security Strategy 2051 was initiated to make the United Arab Emirates the world’s best on the Global Food Security Index by 2051.
The goal? To develop a comprehensive national system enabling sustainable food production by using modern technologies and enhancing local production.
As part of the continuous effort to attain this goal, UAE’s Emirates Development Bank (EDB) has now unveiled a $27 million initiative – AgriTech Loans Programme -- to support AgriTech and food firms. The initiative is UAE’s first of its kind in the region and seeks to position the country as the leader in world food security.
The new initiative is designed to enable a sustainable and thriving national agriculture sector, positioning the UAE as a global leader in agricultural innovation. To enhance food security, EDB's new offering seeks to empower farms, regional farmers, and food suppliers by assisting in their attempts to adapt and modernize.
Target customers for the AgriTech-specific finance offerings include farmers, local producers, technology providers, equipment suppliers, and those involved in the agriculture support ecosystem.
The strategy presents ideas for how to create a comprehensive national system that supports local production while permitting sustainable food production through the use of contemporary technologies. The AgriTech Loans Programme recognizes the need for the agriculture business to evolve and addresses its issues by embracing cutting-edge technology.
EDB hopes to improve yields and assist in bringing new solutions to agricultural businesses through this effort. The financial support given will make it easier to put precision agriculture practices, cutting-edge irrigation systems, and sophisticated crop monitoring tools into effect, driving the industry toward more sustainable practices and increased output.
