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EDB to Assist Funding of 40,000 Houses for UAE Nationals
DUBAI - The proposed Emirates Development Bank, which is expected to be operational by 2010, will assist in providing funding for the 40,000 houses to be built for UAE nationals, a senior Ministry of Finance official said on Monday.
The bank, proposed by the UAE Government as a merger of Emirates Industrial Bank and Real Estate Bank with an authorised capital of Dh10 billion, intends to partner with local funds providers within each emirate to achieve its objectives, Younis Haji Alkhoori, Undersecretary of the Ministry of Finance, said.
“The bank proposes to lend support to the government’s housing schemes, social and developmental projects. As part of this mandate Emirates Development Bank will assist in providing funding for the 40,000 houses, under the Shaikh Zayed Housing Programme, to be built for UAE nationals,” he said.
The formation of Emirates Development Bank, or EDB, was delayed when the UAE Federal National Council in its third regular legislative season on 30 June sent back the draft bill creating the entity to a special committee asking it to conduct more studies. The committee, under the Ministry of Finance, met on July 16 to discuss the operational framework of the bank.
“The establishment of EDB is a significant move aimed at building strong and sustainable businesses in the UAE. The initiative will open a fresh avenue of funding for the industrial sector. The bank will also empower small and medium sized businesses of UAE nationals, enabling them to capitalise on the unique growth opportunities of the region,” Alkhoori said. Alkhoori said the committee would meet every week to evaluate and finalise matters concerning the creation of the proposed bank.
In its meeting last week, the committee deliberated on the modalities of funding developmental projects as well as responding to the needs of small and medium sized enterprises.
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