February 24, 2024

For Offering up SME Financing prospects Dubai backed Banks gets teamed up

Facebook
Twitter
LinkedIn

The two major Middle Eastern Banking Giants Emirates Development Bank as well as the Rak Bank have jointly signed an initial contract to offer credit guarantee and co-lending programs for small- and medium-sized enterprises (SMEs) in the UAE.

It permits SMEs to receive up to 10 million dirhams ($2.7 million) funding, in which half of the facility will be either definite or co-lent by EDB, the both the banking majors stated that in a statement.

Native citizens can also receive up to 1 million dirhams in funding – 60 percent is guaranteed or co-lent by EDB.

“Our MoU with RAKBANK will help in bridging the funding gap for SMEs in key sectors, which will not only strengthen the SME ecosystem but also pave the way for building a robust economy,” EDB chief Ahmed Mohamed Al-Naqbi, stated it out

It emanates as the UAE boosts investment in its industrial sector and raise SMEs contribution to the nations GDP. The tie-up follows EDB’s earlier announcement that it is offering direct and indirect lending for SMEs. It also set up an investment arm for startups, as well as business advisory services for entrepreneurs.

Share.

RELATED POSTS

plant-4242667_1280_UAE CORE VALUES ON ECONOMICAL MONEY CREDIT POSITIVE FOR BANKS
UAE Core Values On Economical Financial Credit Positive For Banks
money-3722123_1280_Open Banking-The global scenario taking the centre stage by transforming traditional Banks
Open Banking-The global scenario taking the centre stage by transforming traditional Banks
ryan-miglinczy-02n9_v-d1yY-unsplash_Why Abu Dhabi is the New Hub for Crypto Currency
Why Abu-Dhabi is the New Hub for Crypto Currency?

LATEST POSTS

Image used for Illustrative purpose
IBM joins forces with FABMisr
His Excellency Eng. Sultan bin Saeed Al Mansoori, Chairman of the Emirati Human Resources Development Council, and Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium.
Causation- The Most Important Element in Personal Injury Law