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MoF And EDB Sign Agreement On Sheikh Mohammed Bin Rashid Al Maktoum Fund To Finance Innovation
(29 September 2016)

 

The Ministry of Finance, MoF, has recently signed an agreement with the Emirates Development Bank, EDB, on the Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation, aimed at supporting the UAE’s transition to a knowledge- based economy and achieving prosperity and sustainability for the country.

Saeed Rashid Al Yateem, Assistant Under-Secretary of Resources and Budget Sector at the Ministry, and Rashid Mahboob Misbah, Acting Chief Executive Officer of Emirates Development Bank, signed the agreement in the presence of Obaid Humaid Al Tayer, Minister of State for Financial Affairs.

Younis Haji Al Khoori, Under-Secretary of the Ministry and other officials were also present on the occasion.

The agreement stipulates the framework to promote and strengthen bilateral cooperation with regards to activating the fund. The parties will form a joint team for following-up on the implementation of approved programmes and activities, conducting periodic evaluations of the overall cooperation, and preparing the required reports to raise the levels of cooperation and coordination.

Mr. Al Yateem stressed the importance of building strategic partnerships between federal entities and the banking sector in order to establish a fiscal and regulatory environment supportive of innovation. "The ministry is currently working on the pilot phase, leading to the official launch by the end of this year. A number of innovators and entrepreneurs will participate with their exceptional innovative ideas related to the seven sectors outlined in the national innovation strategy. The fund works on providing high quality services," he said.

He added, "Following the fund’s official launch, entrepreneurial innovators in UAE will be able to participate and submit their applications through the fund’s platform, in order to facilitate the funding process for the innovative ideas and projects."

Mr. Misbah stressed bank’s commitment and support to achieving the fund’s national and economic goals, and work alongside federal entities to contribute in building a diversified national economy which is based on innovation. "Signing the agreement with the Ministry of Finance is one of the main steps towards developing the fund to provide financing and banking services for entrepreneurial innovators and promote sustainable growth," he said.

The Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation is designed to provide financing solutions for innovators across various sectors within the UAE, and support them in transforming ideas and suggestions into innovation projects which will contribute to the country’s national innovation strategy and to achieving the UAE Vision 2021. 

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