Emirates Development Bank signs deal with NBQ to boost financing for SMEs

Emirates Development Bank signs deal with NBQ to boost financing for SMEs

Emirates Development Bank (EDB) signed a new agreement with the National Bank of Umm Al Qaiwain to provide increased financial support to small and medium enterprises in priority sectors in the UAE.

As part of the deal, NBQ will offer up to Dh10 million ($2.72m) of financing to SMEs with 50 per cent of this either guaranteed or co-lent by EDB.

“The UAE government has placed considerable emphasis on developing the SME ecosystem and boosting their contribution to [the] UAE's non-oil GDP,” Ahmed Al Naqbi, chief executive of EDB, said.