Mar 24 2013
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Dubai SME and Noor Islamic Bank to implement MBR Fund
Dubai SME is tasked with developing the Credit Guarantee Scheme (CGS) under the Mohammed Bin Rashid Fund (MBRF) to support and finance projects of young entrepreneurs. The MBRF will have three windows of support - seed capital for early stage businesses, credit guarantee for existing and growing businesses, and an equity Venture Capital window for scaling up businesses.
Noor Islamic Bank has a track record of supporting entrepreneurs in partnership with Dubai SME since 2009. Together, Dubai SME and Noor Islamic Bank will use their partnership experience and reach within the SME community to enable a quick take-off for MBRF.
Dubai SME and Noor Islamic Bank will jointly work to create the concept, structure and operating mechanism of the Credit Guarantee Scheme and obtain the necessary approvals. The scheme will be launched by April 2013.
Established as per Law No (11) of 2012, the Mohammed Bin Rashid Fund has the authority to give loans, provide financial guarantees or to contribute to projects of Emirati entrepreneurs. The law mandates MBRF to actively monitor the supported businesses. It will also seek financial and technical support for projects undertaken by community members or companies and institutions operating in the country.
© Emirates 24|7 2013
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