UAB has launched an innovative business loan initiative to support the development of Agriculture in the UAE and Abu Dhabi Emirate
June 28 2011, Sharjah, UAE: United Arab Bank (UAB) has launched an innovative business loan initiative to support the development of Agriculture in the UAE and Abu Dhabi Emirate in particular.
The initiative aims to provide financing to the local farmers in Abu Dhabi funded by Federal grants at very competitive rates over a renewable period of three years. The facility has been designed in collaboration with Abu Dhabi Food Authority (ADFA) with an aim to support young farmers develop their businesses and promote agricultural production in the UAE in general and Al Ain in particular.
Paul Trowbridge, UAB's Chief Executive Officer, commented on the initiative saying: "We are pleased and proud to support agriculture in the UAE. This is a great initiative towards developing this main economic activity and a translation of the Bank's commitment to the vision of the Leadership of the UAE for nurturing and promoting a diversified economy. Our aim is to endorse farming and agriculture as a major economic sector, in line with our commitment to being part of and supporting the community and the nation."
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