Ajman Bank and EDB Sign MoU to Provide Credit Guarantee and Co-Lending for UAE SMEs

United Arab Emirates (UAE)-based Ajman Bank, a Shariah-compliant bank, signed a memorandum of understanding (MoU) with the Emirates Development Bank (EDB) to provide credit guarantee and co-lending to small and medium-sized enterprises (SMEs) in the UAE.

Why it Matters?

The MoU with Ajman Bank is part of EDB's commitment to help the UAE's SME ecosystem and industrial sector grow and contribute more to the country's gross domestic product (GDP). The EDB-Ajman Bank MoU focuses on providing strategic finance solutions to SMEs, which are deemed as being one of the UAE's economic pillars.

Details

As per the MoU, EDB would provide credit guarantee and/ or co-lending programme to SME customers of Ajman Bank. Ajman Bank will...