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The Emirates Development Bank (EDB) has signed a Memoradum of Understanding with National Bank of Umm Al Qaiwain (NBQ) to facilitate strategic financing options for SMEs in the UAE.
The MoU will cover Credit Guarantee and Co-lending programs for SMEs in the UAE. This program will help plug the gap in SME lending support and enhance their contribution to the country’s GDP.
NBQ will offer up to Dh10 million financing to SME’s, and 50 per cent of the facility amount will be either guaranteed or co-lent by EDB. The program also aims to support UAE citizens in their startup journey by offering financing facilities of up to Dh1 million, wherein 60 per cent is guaranteed or co-lent by EDB.
The MoU was signed by Ahmed Mohamed Al Naqbi, chief executive officer of EDB, and Adnan Al Awadhi, chief executive officer at NBQ.
In his comments, Ahmed Mohamed Al Naqbi, said: “SMEs are the backbone of our economy. The UAE Government has placed considerable emphasis on developing the SME ecosystem and boosting their contribution to UAE’s non-oil GDP. Our MoU with National Bank of Umm Al Qaiwain will help us facilitate financing through credit guarantee and co-lending options to allow greater operational flexibility to SMEs.”
For his part, Adnan Al Awadhi, said: "The NBQ understands the vital role the SMEs play in building the nation’s economy that is why we have developed financial solutions to allow the SMEs in the UAE to trade safely and confidently and gain access to international markets, thereby positioning the UAE as the global hub of trade and export.”
The Credit Guarantee and Co-lending program provides a robust platform for EDB and NBQ to increase their financial lending for the SME segment, with a focus on the priority sectors - namely manufacturing, healthcare, infrastructure, food security and technology.
The MoU is aligned with EDB’s recently-unveiled strategy, offering direct and indirect lending for SMEs (Supply Chain, Project and Long-term Finance), an investment arm for startups and SMEs (accelerator, equity finance, business growth fund) as well as business advisory services for entrepreneurs, startups and small companies (coaching, consulting, mentoring, market research).
business@khaleejtimes.com
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