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Thursday, 16 February 2017

UAE Central Bank drafts rules pushing banks to lend to SMEs | Reuters

UAE Central Bank drafts rules pushing banks to lend to SMEs | Reuters:

"The Central Bank of the United Arab Emirates has issued draft rules aimed at getting banks to lend more to small and medium-sized enterprises (SMEs) after some lenders had cut their exposure to such companies or raised their charges.

Some banks have had to make huge provisions in the past 18 months against bad debt, much of it relating to SMEs, which account for around 60 percent of UAE's gross domestic product.

To guard against further defaults, some banks raised lending fees to the sector or withdrew from lending to such companies altogether."



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