EDB, NBF strike deal to offer financing solutions to SMEs

EDB, NBF strike deal to offer financing solutions to SMEs

Admin 1 hour ago Local News

Abu Dhabi / WAM

The Emirates Development Bank (EDB), on Wednesday announced the signing of a Memorandum of Understanding (MoU) with National Bank of Fujairah (NBF) to offer credit guarantee and co-lending for small and medium-sized enterprises (SMEs) in the UAE. The MoU with NBF is part of EDB’s commitment to boost the SME ecosystem in the UAE and increase its contribution to the country’s GDP. The MoU focuses on offering strategic financing solutions to SMEs, one of the economic pillars of the UAE. Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, signed the MoU with Vince Cook, Chief Executive Officer of NBF. As part of the MoU, EDB will provide credit guarantee or co-lending programme to the NBF SME customers. NBF will offer up to AED10 million financing to a SME, and 50% of the facility amount will be either guaranteed or co-lent by EDB. The programme also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED1 million, wherein 60 percent is guaranteed or co-lent by EDB. The credit guarantee and co-lending programme provides a robust platform for EDB and NBF to increase their financial