Emirates Development Bank, Emirates Islamic partner to support SMEs

Emirates Development Bank, Emirates Islamic partner to support SMEs

UAE’s Emirates Development Bank (EDB) and Emirates Islamic have signed an MoU to collaborate on a joint credit guarantee scheme to support the financial inclusion of small-to-medium enterprises (SMEs) in the country. Emirates Islamic is the 11 commercial bank to join EDB’s credit guarantee scheme platform offering favourable financing solutions to SMEs. Over the years, the development bank has signed credit guarantee agreements with several UAE lenders including Abu Dhabi Commercial Bank, the National Bank of Umm Al Qaiwain and First Abu Dhabi Bank. “EDB remains committed to enhancing our nation’s SME ecosystem and supporting the sustainable economic development of the nation, specifically the five key priority sectors,” said Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank. Al Naqbi welcomed Emirates Islamic to the development bank’s growing group of commercial bank partners, which aims to facilitate access to financing for the SME. EDB and Emirates Islamic agreed to collaborate to identify opportunities to enhance their banking solutions. EDB agreed to guarantee 50 per cent of the finance facility extended to eligible SMEs by Emirates Islamic as part of the credit guarantee scheme deal. “SMEs are a key driver of Emirates Islamic’s growth strategy and we offer a wide range