EDB & MoE present recognition awards to banking partners in CGS success

EDB & MoE present recognition awards to banking partners in CGS success

Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, and the Ministry of Economy have recognized and rewarded all the banking and FinTech partners involved in the Bank’s Credit Guarantee Scheme (CGS).

Representatives from EDB’s 10 partner banks gathered at a special award ceremony held at the Ministry of Economy’s DIFC offices. During the event, updates were shared about the success of the CGS and recognition awards were presented to the partners for their crucial role in facilitating access to financing for SMEs in the UAE.

EDB is two years into its ambitious five-year strategy aimed at empowering SMEs and large corporates in five priority sectors, including manufacturing, technology, healthcare, renewables, and food security. The Bank has a mandate to deploy $8.2 billion in financing support to 13,500 companies within these sectors by 2026.

EDB launched the CGS to support mSMEs in the UAE. The scheme aims to help these businesses overcome challenges in accessing financing from conventional banks by providing a partial guarantee to lending banks. This guarantee comes into effect if the SME fails to repay its financing commitments.

The CGS not only provides financial support to mSMEs, but also helps them establish