In a step that aims to strengthen bilateral economic relations and investments between the United Arab Emirates and the Republic of Paraguay, the Emirates Development Bank [EDB] – a key financial driver of the UAE’s economic diversification and industrial transformation agenda – held talks with a high-level official delegation from the Financial Agency for Development of Paraguay.
The talks took place during the delegation’s visit to the United Arab Emirates to participate in Expo 2020 Dubai. The delegation, led by Teresa Rivarola de Velilla, Chair of the Board of Directors of the Financial Agency for Development, met with EDB to discuss collaboration and explored new opportunities to support businesses and entrepreneurs in both countries.
On this occasion, the EDB also presented an overview of its strategy launched last year to play a key role in supporting the economic diversification program and the industrial transformation program of the United Arab Emirates, with a view to building an economy knowledge-based.
Ahmed Mohamed Al Naqbi, Managing Director of EDB, said: “The visit of the delegation of the Financial Agency for the Development of Paraguay is part of our efforts to exchange our knowledge and experiences with our partners in other areas. geographical. During our meeting with the Finance Agency, we presented our new strategic roadmap in line with the objectives that underpin the UAE’s “50 Projects” to build a sustainable knowledge-based economy, and We also explored opportunities to collaborate on joint projects to ensure economic prosperity. both in the United Arab Emirates and in Paraguay.
“The UAE and Paraguay enjoy strong trade and economic relations, bilateral trade between the UAE and Paraguay amounted to AED 95 million in 2020 with imports from the UAE totaling of AED 71 million. We discussed closer cooperation to support businesses in different fields and create more business and investment opportunities in both countries,” he added.
During the visit, the EDB team also presented its strategy and approach as a financial catalyst for the UAE Government’s “Operation 300 Billion” program, aimed at supporting industrial growth and development plans. economic diversification of the country.
As part of the strategy, which aims to leverage the bank’s role as a key driver of the national economy to provide the largest network of support to the industrial sector, EDB has allocated AED 30 billion to fund more of 13,500 SMEs, start-ups and businesses as a priority. sectors such as healthcare, manufacturing, food security, infrastructure and technology over the next decade.