The Emirates Development Bank (EDB) has approved an estimated budget of Dh750 million ($204 million) for 2017 to finance housing loans for UAE nationals, said a report.

The budget has allocated a similar amount for the development of small and medium enterprises (SMEs) to help the private sector generate more job opportunities for citizens, said the state news agency Wam.

The decision was taken during the EDB’s 10th board meeting in Abu Dhabi under the chairmanship of Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and chairman of EDB, on Decenber 25.

Comprising around 300,000 companies and accounting for 86 per cent of the workforce in the private sector, the SME segment plays a critical role in the UAE economy, stated the report.

''The EDB strives to deliver the Federal Government Vision 2021 by providing support, finance and innovative banking solutions to small and medium companies to help drive the UAE’s transformation into a knowledge-based economy, and encourage innovation as well as research and development," said Al Tayer.

It also extends housing loans to citizens to secure adequate accommodation at affordable cost,'' he added.

EDB was founded in 2011 with an authorised capital of Dh10 billion ($2.7 billion) to help finance developmental, residential and industrial projects for citizens.-TradeArabia News Service