FAB to partner with EDB to offer up to AED 100 million in financing to SMEs
- Date: 01-Jul-2021
- Source: SME10X
- Sector:Financial Services
- Country:UAE
FAB to partner with EDB to offer up to AED 100 million in financing to SMEs
Emirates Development Bank [EDB] and First Abu Dhabi Bank [FAB] have signed an Memorandum of Understanding [MoU] to enable FAB to offer up to AED 100 million financing to SMEs, with 50 percent of the amount to 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 AED 1 million, where 60 percent 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. It follows several announcements the bank has made recently including a partnership with Beehive to fund SMEs.
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