Dubai (UAE) Emirates Development Bank has signed a strategic partnership with Commercial International Bank, aimed at enhancing financial inclusion and empowering small and medium-sized enterprises (SMEs) through a joint financing program. With this partnership, Commercial International Bank becomes the 13th bank to join the Emirates Development Bank's financing guarantee program, reflecting the bank's efforts to enable SMEs to access the financing they need. The program has already provided financing worth over AED 1.5 billion, contributing significantly to enhancing financial inclusion for those companies, promoting entrepreneurship, and creating more economic opportunities. Under the new partnership, Emirates Development Bank will guarantee up to 50% of the financing provided by Commercial International Bank to eligible SMEs, reducing the risk of default for both parties. This program will enable Commercial International Bank to expand its financing to a wider range of SMEs, particularly those operating in the five priority sectors focused on by Emirates Development Bank, which may have previously faced difficulties in accessing traditional financing options. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said that this strategic cooperation with Commercial International Bank sets a model for the convergence of public and private sector efforts to create an enabling environment for SMEs, contributing to driving economic growth and diversification in the UAE. Al Naqbi stated that SMEs are the backbone of building a diversified and dynamic economy, and the bank's financing guarantee program is a testament to its commitment to supporting these companies in accessing the financing they need to achieve success and prosperity. Ali Sultan bin Rakad Al Ameri, CEO of Commercial International Bank, said that the partnership with Emirates Development Bank reflects their commitment to empowering SMEs and promoting innovation, in line with the UAE's long-term economic vision. Through the provision of a range of financial products and services designed with care, the bank is able to provide SMEs with the resources they need to enhance their financial stability and support their innovation and contribution to the UAE's economic growth. The bank looks forward to working with Emirates Development Bank to achieve ease of access to financing opportunities and support SMEs across the UAE, ensuring their growth and sustainability. This partnership underscores the commitment of Emirates Development Bank and Commercial International Bank to building a thriving and inclusive financial system to support SMEs in the UAE.
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