To boost the SME ecosystem in the UAE and increase the contribution of small businesses to the nation’s GDP, Emirates Development Bank (EDB) has signed a Memorandum of Understanding (MoU) with Emirates NBD to provide a credit guarantee scheme for SMEs across the UAE. The partnership between the two banks is aimed at delivering strategic financing solutions to SMEs. The agreement envisages providing financing guarantee coverage of up to 50% of the amount being lent to SMEs by Emirates NBD subject to a maximum of AED5 million for larger SMEs and up to AED 500,000 for smaller ones.
