UAE - Mubasher: The Emirates Development Bank (EDB), fully owned by the UAE federal government, is planning to issue its second international bonds this month, sources told Bloomberg.
The sources referred that the bank, which started its operations in 2015 to provide financing to citizens and small and medium-sized enterprises (SMEs), could raise $750 million or more from the debt's sale.
The bank will use the proceeds to support companies across the sectors which are a priority for the economy.
In 2019, the bank sold its first debt by taking advantage of the UAE law passed in October 2018 to allow the federal government to issue sovereign debt for the first time.
It is noteworthy to mention that last week, the EDB inked a Memorandum of Understanding (MoU) with the Commercial Bank of Dubai (CBD) to offer credit guarantee and co-lending programmes for SMEs in the UAE.
