UAE’s state-owned Emirates Development Bank has launched a Dh100 million ($27.2 million) solar energy finance program.
The institution, which has been working on financing the UAE's priority sectors, came up with a program as part of the country’s 2050 net-zero targets.
Issuing a statement, the bank said that the financing for micro, small and medium sectors will boost the adoption of green energy solutions. The scheme offers loans and working capital of up to Dh5 million to MSMEs, mostly for solar energy projects.
It further stated that “the new green energy financing program aims to accelerate the shift toward cleaner energy sources and address cost barriers.”
“EDB will offer companies a “competitive source of financing” to help the UAE transition towards clean and sustainable energy solutions. It is timely that we have chosen the year we are proudly hosting the crucial Cop28 climate talks to launch our solar energy financing package,” Ahmed Al Naqbi, EDB's chief executive, was quoted in a statement.
“By partnering with key government authorities and approved renewable energy consultants and contractors, we also aim to provide comprehensive support throughout the process,” the bank further stated.
As per EDB, it contributed over Dh3.5 billion to the country’s economy last year.