Emirates Development Bank (EDB), the state owned lender, signed a deal with Dubai-based Beehive to bolster funding to small and medium-sized enterprises in priority sectors in the UAE.

As part of the deal, Beehive, a peer-to-peer platform will provide loans to “creditworthy” SMEs looking to expand their operations or enhance working capital through $8.16 million of funding allocated by EDB, said a statement by EDB.

“The collaboration with Beehive is part of our mission to bridge the funding gap by offering SMEs greater and easier access to financial sources,” Ahmed Al Naqbi, chief executive of EDB, said.

EDB aims to provide Dh30 billion in financing over the next five years to support the UAE’s efforts to more than double the size of its industrial sector by 2031. It will fund industries such as healthcare, infrastructure, food security and technology and help generate 25,000 jobs.

EDB also signed two separate agreements with RAKBank as well as Commercial Bank of Dubai this month to offer credit guarantees and participate in co-lending programs to small and medium-sized enterprises in priority sectors in the UAE recently.