EDB, FAB partner on co-lending programme for SMEs in the UAE

uae fab edb smes partner
UAE

EDB, FAB partner on co-lending programme for SMEs in the UAE

Emirates Development Bank (EDB), a key financial enabler of the country's economic diversification and industrial transformation agenda, has entered into a Memoradum of Understanding (MoU) with First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, on Credit Guarantee and Co-lending programs for SMEs in the UAE. Under the agreement, FAB will offer up to Dhs100 million financing to SMEs, and 50 per cent of the facility amount will be either guaranteed or co-lent by EDB. The programme also aims to support UAE citizens in their startup journey by offering financing facilities of up to Dhs1 million, wherein 60 per cent is guaranteed or co-lent by EDB. The MoU is part of EDB's commitment to support the SME ecosystem in the UAE and contribute to the country's diversification goals. The partnership will focus on providing strategic financing solutions to SMEs – one of the economic pillars of the UAE. In his comments on the partnership with FAB, Shaker Zainal, Business Finance Director at EDB, said: "In line with EDB's role, as the financial enabler of the UAE's economic diversification, we are happy to partner with First Abu Dhabi Bank. This

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