UAE bank, Paraguayan agency strategic partnership also includes SME support, financing solutions
ALBAWABA – The United Arab Emirate (UAE)’s Emirates Development Bank (EDB) signed a Memorandum of Understanding (MoU) with Paraguay’s Development Finance Agency (AFD) on skill training, agritech, and food security solutions, the Emirates News Agency (WAM) reported Sunday.
The agreement lays the foundation for a strategic partnership and covers various areas of mutually beneficial cooperation, including SME support, digitalisation, and more.
EDB and AFD will harness their respective resource advantages and professional expertise, to build a long-term, effective, and mutually beneficial relationship, the official statement said, according to WAM.
Ahmed al-Naqbi, Chief Executive Officer of EDB, said, “We are committed to strengthening our partnerships with leading international finance and banking institutions to boost knowledge-sharing, and enhance our economic and social impact.”
The MoU covers employee skill training, agritech and food security financing solutions, impact evaluation and digitalisation of processes, especially in support of SMEs.
“We believe the agreement will deliver a wide range of benefits to both sides with a focus on capacity building and access to expert resources to help develop products and processes that make it easier for SMEs to get access to finance,” Teresa Velilla said, President of AFD.
