Commercial Bank International joins as the 13th bank in EDB’s Credit Guarantee Scheme, advancing financial inclusion and access to SME financing.
Dubai, UAE – November 7, 2024: To further empower SMEs and boost financial inclusion across the UAE, Emirates Development Bank (“EDB” or “the Bank”)—the nation’s driving force for economic development and industrial growth—has partnered with Commercial Bank International (CBI) for a joint credit guarantee program. This strategic partnership adds CBI as the 13th bank in EDB’s Credit Guarantee Scheme, underscoring EDB’s success in enhancing SME financing with over AED 1.5 billion already committed.
H.E. Ahmed Al Naqbi, CEO of Emirates Development Bank, highlighted that the alliance between EDB and CBI reflects the potential of public-private partnerships in building a more inclusive financial ecosystem for SMEs, a critical sector for UAE economic diversification. “SMEs are the backbone of a resilient economy. Through the Credit Guarantee Scheme, we’re ensuring these essential businesses gain access to the financing they need to flourish. This partnership with CBI marks an important milestone in our mission to enhance financial inclusion and empower SMEs across the UAE, enabling them to drive the nation’s economic growth,” said His Excellency.
Under the partnership, EDB will guarantee up to 50% of the loan amount provided by CBI to eligible SMEs, significantly reducing the risk for both banks and expanding CBI’s capacity to support priority sectors that may face challenges with traditional financing.
Ali Sultan Rakkad Al Amri, CEO of CBI, commented: “Our collaboration with EDB underlines our commitment to empowering SMEs and supporting the UAE’s long-term economic vision. By offering tailored financial products and services, we’re helping SMEs innovate and contribute meaningfully to the UAE economy. Together with EDB, we look forward to making financing more accessible and creating a thriving SME sector.”
This partnership reflects EDB and CBI’s shared commitment to a thriving and inclusive financial ecosystem for SMEs in the UAE. With CBI joining, the Credit Guarantee Scheme moves closer to EDB’s goal of providing AED 30 billion in financing to 13,500 companies by 2026.
