March 29, 2023

Dubai Week

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Ajman Bank has signed a Memorandum of Understanding (MoU) with Emirates Development

Ajman Bank has signed a Memorandum of Understanding (MoU) with Emirates Development

Ajman: “Gulf”

Ajman Bank has signed a Memorandum of Understanding (MoU) with Emirates Development Bank to provide financial assistance and joint financing to small and medium enterprises (SMEs) in the country.

The Memorandum of Understanding with Ajman Bank falls within the framework of Emirates Development Bank’s commitment to strengthen the working system of small and medium enterprises in the UAE and to enhance the contribution of these projects to GDP. The partnership will focus on projects that are one of the most important economic pillars of the United Arab Emirates and on providing strategic financial solutions to small and medium enterprises.

The agreement was signed at the main building of Ajman Bank in the presence of senior officials from both parties represented by Ajman Bank CEO Mohammed Amiri and Emirates Development Bank CEO Ahmed Mohammed Al Naqbi.

Under the agreement, Emirates Development Bank will provide financial guarantees and co-financing to Ajman Bank’s small and medium business customers. Ajman Bank will finance small and medium projects up to 10 million dirhams, 50% of the value of facilities guaranteed or co-financed by Emirates Development Bank.

The partnership also aims to support UAE residents seeking funding to set up their own start-ups by providing financial assistance of up to one million dirhams. 60% of this amount is guaranteed or co-funded by Emirates Development Bank.

The loan guarantee and co-financing scheme provides a strong base for both Emirates Development Bank and Ajman Bank; It focuses primarily on key industries, including manufacturing, healthcare, infrastructure, food security and technology, and contributes to increasing funding for small and medium enterprises.

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Mohammed Amiri said: “We believe that the most important thing that ensures the growth and prosperity of businesses is facilitating access to the necessary funding. Therefore, through this agreement, we seek to provide businesses, especially small and medium enterprises in the United Arab Emirates, with opportunities to benefit from the benefits of our unique financial products and services, which will contribute to enhancing growth. Local economy. The collaboration between us and Emirates Development Bank will be a useful step in pooling our common resources, integrating our financial capabilities, supporting business, promoting economic recovery and advancing after the challenging period following the “Govt-19” epidemic. We are committed to our role in the ongoing efforts to expand financial solutions that accelerate the pace of growth and development in the United Arab Emirates.

Ahmed Mohammed Al Naqbi said: “Small and medium enterprises (SMEs) are the backbone of the country’s economy, so their increased financial access will help their businesses grow and grow, and enhance their contribution to the UAE’s non-oil GDP. Emirates Development Bank is committed to filling the financial gap of small and medium enterprises operating in key sectors. In this regard, we are pleased to work with Ajman Bank. Supporting companies and entrepreneurs to access a wide range of financing options that will serve the country’s efforts to build a knowledge-based economy and contribute to promoting sustainable economic growth for the country.