Ajman Bank, one of the Shariah-compliant banks in the United Arab Emirates, has signed a memorandum of understanding with the Emirates Development Bank. [EDB] Providing credit guarantees and joint loans to SMEs [SMEs] In the United Arab Emirates.
EDB provides credit guarantee and / or co-lending programs to Ajman Bank’s SME customers. Ajman Bank will provide SMEs with up to $ 10 million in loans, with 50% of the facility’s value being guaranteed or co-loaned by EDB. The collaboration also aims to support UAE citizens on their startup journey by providing a financing facility of up to Dhs1m, up to 60% guaranteed or co-loaned by the EDB.
The agreement was signed by Ajman Bank CEO Mohamed Amiri and EDB CEO Ahmed Mohamed Al Naqbi.
The Credit Guarantee and Co-Lending Program will help EDB work with Ajman Bank to increase financial lending in the SME segment, focusing on priority industrial sectors such as manufacturing, healthcare, infrastructure, and food security and technology. Part of the platform.
Regarding the MoU, Amiri said: As part of this memorandum, we believe that more companies, especially SMEs in the United Arab Emirates, will be able to take advantage of our unique financial products and services that help drive the development of the country. “
Al Naqbi commented on the agreement, saying: Together, we aim to help businesses and entrepreneurs have access to a wider range of financing options. This will help the country’s efforts to build a knowledge economy and contribute to sustainable economic development. “
https://gulfbusiness.com/ajman-bank-signs-deal-on-credit-guarantee-co-lending-programme-for-smes/ Ajman Bank has signed a contract on credit guarantee and joint lending programs for small businesses