Emirates Development Bank (EDB) launched operations to fund housing, industrial and business projects for citizens of the UAE, including housing finance for 30,000 Emiratis between 2015 and 2021, it was announced.

EDB has allocated authorised capital of $2.7bn (AED10bn), and source capital of $1.3bn (AED5bn) to help fund developmental, residential and industrial projects for Emiratis. The bank will also allocate $136m (AED500m) towards a credit guarantee scheme with other banks, to be available for Emirati SMEs and the owners of small businesses, in addition to $81.6m (AED300m) for SMEs.

The bank will also 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.

Rashid Mahboob, acting CEO of Emirates Development Bank, said: “The success of launching the operations will provide impetus to EDB as we commence our journey, driving development in our nation, our economy and our community.”

Additionally, EDB will also partner with the UAE government on strategic development projects, many of which are expected to have national importance for the country.

H.H. Sheikh Mansour Bin Zayed said he is glad that the bank has started its operations, and believes that it is a key addition to the banking sector in the UAE that will boost overall growth of the economy and provide Emirati people with services that help them achieve key milestones in their lives, such as owning their own homes, in addition to supporting Emirati entrepreneurs and the SME sector.