Ajman Bank and the Emirates Development Bank (EDB) have signed a memorandum of understanding (MoU) to offer credit guarantee and co-lending support to the small and medium enterprises (SMEs) in the United Arab Emirates. Under the MoU, Ajman Bank will offer up to AED 10 million funding to the SME, and 50% of that amount will either be guaranteed or co-lent by the EDB. The agreement also envisages supporting UAE citizens in launching start-ups by offering to finance up to AED 1 million, wherein 60% will be guaranteed or co-lent by the EDB.
