Abu Dhabi to shore up healthcare SMEs with Dh6bn finance package

Abu Dhabi to shore up healthcare SMEs with Dh6bn finance package

The Abu Dhabi Department of Finance (DoF) today announced a Dh6-billion supply chain financing initiative to support a variety of sectors, as a key initiative in its commitment to support small and medium enterprises (SMEs).

The first phase of this initiative is in partnership with the National Health Insurance Company (Daman) and First Abu Dhabi Bank (FAB), and aims to provide liquidity to SMEs in the healthcare sector.

Funded by Ghadan 21's SME credit guarantee scheme, the initiative is intended as a demonstration of the UAE capital's significant commitment to sustain and support SMEs through the coronavirus pandemic. It will initially support SMEs in the healthcare sector, before being extended to include other banks and sectors.

The move follows last year's Targeted Economic Support Scheme (TESS), a Central Bank initiative that aimed to reduce the effects of Covid-19 by easing burdens related to financing and liquidity, reinforcing lending capacities, and addressing operational challenges. TESS reportedly benefitted more than 10,000 SMEs across the country.

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Launched two years ago, Ghadan 21 is the UAE capital's Dh50-billion government accelerator programme. It aims to make the emirate a better place to do business, enable innovation and