UAE banks use 30% of Covid-19 central bank support fund - Arabianbusiness:
Banks in the UAE have availed 30 percent of the AED50 billion ($13bn) Targeted Economic Support Scheme (TESS), according to the Central Bank of the UAE (CBUAE).
The scheme was launched on March 15 to help individuals, SMEs and other private businesses impacted by the current coronavirus crisis.
Abdulhamid Saeed, governor of the CBUAE said: “Banks have already utilised over 30 percent of allocated funds from the TESS facility and are actively passing on these funds to their customers affected by the COVID-19 pandemic.”
The package of support was launched in March as part of an AED100bn scheme, which included the AED50bn liquidity relief tool through banks to eligible customers who wish to apply for a deferment until December 31.
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