UAE banks provide $27.24mln credit facilities to SMEs in Q3 2020

The cumulative balance of the credit facilities provided to SMEs reached around $25.23bln by the end of September 2020

  
Image used for illustrative purpose. Woman filling form at bank counter.

Image used for illustrative purpose. Woman filling form at bank counter.

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UAE -  The banks operating in the UAE have granted credit facilities worth AED 100 million to small and medium-sized enterprises (SMEs) during the third quarter (Q3) of 2020, the Emirates News Agency (WAM) reported.

The cumulative balance of the credit facilities provided to SMEs reached around AED 92.6 billion by the end of September 2020, compared to AED 92.5 billion in June 2020, as shown by the recent data of the Central Bank of the UAE (CBUAE).

The credit facilities provided to SMEs represented around 11.5% of the total credit facilities offered by the UAE banks to the commercial and industrial sectors by the end of September 2020.

The federal and local governments in the UAE seek to support the Micro, Small, and Medium Enterprises (MSME) sector for being the main factor for the national economic growth.

Source: Mubasher

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