EDB, ADCB sign MoU to offer joint credit guarantee scheme for UAE’s SMEs

EDB, ADCB sign MoU to offer joint credit guarantee scheme for UAE’s SMEs

Emirates Development Bank (EDB), and Abu Dhabi Commercial Bank (ADCB), have signed a Memorandum of Understanding (MoU) to boost the financial inclusion of small-to-medium-sized enterprises (SMEs) through a joint credit guarantee scheme.

The partnership will enable SMEs in the UAE to have improved access to strategic financing options. Under the credit guarantee scheme, EDB will guarantee up to 50 percent of the finance facility extended to SMEs by ADCB. The scheme is in line with EDB’s mandate to provide $8.2 billion in financing for the development of the UAE economy in 5 strategic sectors, of which $1.4 billion are to be allocated through credit guarantee schemes.

Shaker Zainal

Chief mSMEs Officer

EDB “EDB is dedicated to growing the UAE economy by supporting the sustainable development of our nation’s SME ecosystem. We are pleased to welcome ADCB to our expanding group of commercial bank partners with whom EDB pursues the shared goal of improving access to financing for SME businesses contributing to the UAE’s non-oil GDP. Through this MoU, EDB will help fill critical lending gaps and provide solutions tailored to financing the growth of the SME sector.”

Mr. Saoud Mohammed Al Jassem, Government Clients Division, ADCB, said that “ADCB is committed to providing SMEs with