Emirates Islamic has joined EDB’s Credit Guarantee Scheme to support the growth of SMEs in the UAE.

Salah Amin, the CEO of Emirates Islamic, said, “Emirates Islamic is proud to sign this agreement with EDB, which will greatly boost access to financing and improve the business environment for SMEs.

In a statement, the lender said that the initiative offers financing of up to AED 2 million to start-ups through EDB’s partner banks, wherein EDB guarantees up to 85 per cent of the finance amount.

Additionally, the Credit Guarantee Scheme also offers up to AED 5 million financing to existing SMEs, with EDB guaranteeing up to 70 per cent of the finance amount.

The SME sector is a major driver to the growth of the national economy and will boost the UAE’s global competitiveness, added Faisal Al Bastaki, the CEO of EDB.

 

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