Emirates Development Bank Partners with Commercial Bank International to Enhance SME Financing in the UAE
Emirates Development Bank (EDB), the UAE's primary financial driver for economic growth, has entered a strategic partnership with Commercial Bank International (CBI), making CBI the 13th bank to join EDB’s Credit Guarantee Scheme. This collaboration aims to empower small and medium-sized enterprises (SMEs) by improving financial inclusion and providing easier access to financing options.
The Credit Guarantee Scheme, which has already facilitated financing exceeding AED 1.5 billion, will enable EDB to guarantee up to 50% of loan amounts provided by CBI to eligible SMEs. This reduces financial risk, allowing CBI to extend financing to more SMEs, especially those in priority sectors. His Excellency Ahmed Al Naqbi, CEO of EDB, emphasized the role of SMEs as the foundation of a diversified economy and reiterated the scheme’s commitment to fostering a supportive financing environment for these businesses.
Ali Sultan Rakkad Al Amri, CEO of CBI, stated, “Our partnership with EDB aligns with our dedication to empowering SMEs and supporting the UAE’s economic vision. By providing tailored financial products, we aim to equip SMEs with resources for growth and innovation.”
This partnership advances EDB’s goal to provide AED 30 billion in financing to 13,500 companies by 2026, strengthening a more inclusive financial ecosystem for SMEs across the UAE
