back Back

EDB and FAB partner on co-lending program for SMEs in UAE

By Leandra Monteiro

July 01, 2021

  • Edb
  • UAE
Share

Emirates Development Bank, EDB, FAB, UAE, SMEsEmirates Development Bank (EDB) has entered into a Memoradum of Understanding with First Abu Dhabi Bank (FAB) on Credit Guarantee and Co-lending programs for SMEs in the UAE.

Under the agreement, FAB will offer up to AED 100 million financing to SMEs, and 50% of the facility amount will be either guaranteed or co-lent by EDB. The program also aims to support UAE citizens in their start-up journey by offering financing facilities of up to AED 1 million, wherein 60% is guaranteed or co-lent by EDB.

The MoU is part of EDB’s commitment to support the SME ecosystem in the UAE and contribute to the country’s diversification goals. The partnership will focus on providing strategic financing solutions to SMEs – one of the economic pillars of the UAE.

In his comments on the partnership with FAB, Shaker Zainal, Business Finance Director at EDB, said, “In line with EDB’s role, as the financial enabler of the UAE’s economic diversification,  we are happy to partner with First Abu Dhabi Bank. This partnership will help in bridging the funding gap for SMEs and strengthening the SME ecosystem, supporting the UAE’s goals to build a robust knowledge-based economy.”

Shirish Bhide, Group Head of Corporate & Commercial Banking at FAB, added, “SMEs and start-ups are a key pillar of sustainable economic growth and a vital source of future employment and opportunity. FAB is committed to nurturing a thriving SME ecosystem and through this partnership with EDB, FAB will be able to expand its offerings to the SME sector, empowering a spirit of entrepreneurship in the UAE, and supporting the nation’s continuing journey as a diverse and dynamic economy where initiative and innovation are encouraged and rewarded.”

The MoU is aligned with EDB’s recently-unveiled strategy, offering direct and indirect lending for SMEs, an investment arm for start-ups and SMEs as well as business advisory services for entrepreneurs, start-ups and small companies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

July 01, 2021

Mashreq appoints co-heads for its Global Transaction Banking Team

Read More
Next Article

July 01, 2021

Digital Token Identifier Registry goes live with Etrading Software

Read More

IBSi Prime News

Embedded Finance

September 24, 2021

Edb

European brands increasingly looking at embedded finance, but barriers still exist

Read More
  • Daily in-depth news analysis
  • Weekly chart curated via IBSi research
  • Exclusive weekly Financial Technology use case
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 24, 2021

Claro launches its “Bye Now Pay Later” campaign in the UK

Read More

September 24, 2021

JULO launches complete features of digital credit in Indonesia

Read More

September 24, 2021

Yabx expands its Operations and Service Offerings in Africa

Read More

Related Reports

Pages

Bank-wide
Core Banking Market Dynamics Report 2021

£2,000 / year

Know More

Pages

Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More

Pages

Retail Banking
Core Banking Market Dynamics Report 2021

£2,000 / year

Know More

Pages

Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More

Pages

Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More