UAE Bank Introduces a $27 Million Initiative for AgriTech Firms
To make the United Arab Emirates the best country in the world on the Global Food Security Index by 2051, the National Food Security Strategy 2051 was launched in 2021.
The aim? to use contemporary technology and boost local production to create a complete national system that enables sustainable food production.
A $27 million program called the AgriTech Loans Programme has just been introduced by the Emirates Development Bank (EDB) of the United Arab Emirates to help AgriTech and food companies as part of the ongoing effort to achieve this goal. The UAE’s program, the first of its type in the area, aims to establish the nation as a global leader in food security.
The new program aims to establish a strong and sustainable national agriculture industry and establish the UAE as a pioneer in agricultural innovation. EDB’s new service aims to empower farms, local farmers, and food suppliers by supporting their efforts to adapt and modernize in order to improve food security.
Farmers, regional producers, technology companies, equipment suppliers, and other members of the agricultural support ecosystem are among the customers targeted by the AgriTech-specific loan products.
The strategy offers suggestions for building a comprehensive national system that encourages local production and enables sustainable food production by utilizing modern technologies. With the help of cutting-edge technology, the AgriTech Loans Programme recognizes the need for the agricultural industry to develop and addresses its problems.
Through this endeavor, EDB seeks to increase yields and help agricultural firms find innovative solutions. Precision agriculture techniques, cutting-edge irrigation systems, and advanced crop monitoring tools will be easier to implement with the financial help provided, leading the industry toward more sustainable practices and higher productivity.
