Abu Dhabi – Mubasher: Emirates Development Bank's (EDB) board approved an estimated budget of AED 1.5 billion for 2017.
The budget aims to finance housing loans for Emirati citizens and to help establish small and medium enterprises (SMEs), according to WAM news agency.
The agency mentioned that the bank allocated AED 750 million for housing loans for Emirati citizens in 2017 and a similar amount for the development of SMEs to help the private sector generate more job opportunities for citizens.
''The Emirates Development Bank extends housing loans to citizens to secure adequate accommodation at affordable cost,'' WAM quoted Obaid Al Tayer, chairman of EDB.
EDB was founded in 2011 with an authorised capital of AED 10 billion and it is fully owned by the federal state, according to the bank's data.
