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  • 14-11-21

    Emirates Development Bank signs funding deal with National Bank of Fujairah

    (MENAFN) Emirates Development Bank contracted an initial deal with National Bank of Fujairah to propose a credit agreement and co-lending bundle for small and medium initiatives the primary divisions of the Emirate.

    On Wednesday, both lenders stated that as part of their agreement, NBF is going to propose up to Dh10 million (USD2.7m) to SMEs, with half of it being either granted or co-lent by EDB.

    The program is going to also suggest funding up to Dh1m (about USD 272.2) to UAE residents who want to begin a start-up, with 60 per cent of the quantity secured or co-lent by EDB.

    EDB stated that the deal is targeted at increasing lending to SMEs in significant sectors such as manufacturing, health care, infrastructure, food security as well as technology.

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