Emirates Development Bank partners with RAKBank to provide funding to UAE SMEs

Emirates Development Bank partners with RAKBank to provide funding to UAE SMEs

Emirates Development Bank signed a memorandum of understanding with RAKBank to offer credit guarantees and participate in co-lending programmes to small and medium-sized enterprises in priority sectors in the UAE.

RAKBank will offer loans of up to Dh10 million ($2.72m) to SMEs, with 50 per cent either guaranteed or co-lent by EDB, the two banks said in a statement on Tuesday.

“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,” Ahmed Al Naqbi, chief executive of EDB, said.