DP World teams up with Emirates Development Bank to finance SME growth

DP World teams up with Emirates Development Bank to finance SME growth

Pact will also focus on developing joint thought-leadership and outreach programmes and providing financial solutions

The agreement wil provide small and medium-sized enterprises (SMEs) access to trade financing through DP World’s trade finance platform. - supplied photo

Published: Wed 9 Nov 2022, 1:37 PM

DP World has teamed up with Emirates Development Bank (EDB), signing a Memorandum of Understanding to provide small and medium-sized enterprises (SMEs) access to trade financing through DP World’s trade finance platform.

It includes a formal framework for EDB and DP World to provide SMEs with access to trade financing at competitive rates via DP World’s trade finance platform. Both parties will also focus on developing joint thought-leadership and outreach programmes and providing financial solutions to support SMEs’ business growth.

Despite being a vital component of global trade, SMEs often encounter challenges with cross-border transactions, supply chain disruptions, and rising raw material costs. To help support the development of SMEs in the UAE, EDB provides financing and innovative banking solutions that ensure the sustainable growth of all parties involved in the development process.

Through the digital platform, DP World facilitates relations between importers, exporters, and logistics companies with financial institutions from around the world. The platform provides borrowers numerous trade finance solutions