Emirates Development Bank has signed a financing agreement with IPack, a subsidiary of Emirates Business Group, which is the first production company of aseptic packaging materials in the UAE.
The Emirates Development Bank financing for the ipack factory project aims to support one of the most important projects of the industrial sector that depends on modern technology in this field.
Faisal Al Bastaki, CEO of the Emirates Development Bank, said: “We seek in the Emirates Development Bank to directly enhance our financing contribution in the industrial and advanced technology sector to support the competitiveness and quality of national industries to achieve sustainable economic growth.”
Al-Bastaki added that the industrial sector represents the largest sectors supporting the national economy, so it tops our list of priorities in the bank, as we are keen to provide the necessary financial and credit facilities and keep pace with the developments of the industrial age to enhance the local added value, and increase the presence of local products in the markets in line with the government vision to enhance competitiveness and diversify Economy.
On his side, Shaker Farid Abdul Rahman Zainal, Director of Business Finance Department at the Emirates Development Bank and Director of the Mohammed Bin Rashid Innovation Fund, said, “We are committed to supporting Emirati entrepreneurs and encouraging them to join the business sector and providing opportunities to establish and own small and medium-sized companies, in addition to providing free specialized training courses through the platform. “Electronic services to provide the necessary support and guidance to entrepreneurs who have professional ideas that they want to develop or who have established their business and are still in their early stages. This is aimed at promoting entrepreneurship among the groups of the UAE society and highlighting the importance of the role it plays in promoting the national economy.”
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