Central Bank of the UAE: UAE Lenders Avail 88% of AED 50 Billion COVID-19 Facility

The Central Bank of the United Arab Emirates (CBUAE) has stated that banks and financial institutions have drawn down 88% (AED 44 billion) of the Targeted Economic Support Scheme (TESS) to date. 

TESS is an AED 50 billion interest-free financing facility introduced by the CBUAE in March 2020 along with its AED 100 billion stimulus package, to help businesses and individuals affected by the COVID-19 pandemic.

According to the CBUAE, a total of 26 banks have availed the TESS liquidity facility, with 17 banks drawing down 100%, whilst more than 140,000 eligible customers have already benefited from the TESS liquidity facility. In addition, over 180,000 customers have benefited from supp...