By Tom Arnold
The UAE government is launching a loan scheme for small and medium-sized enterprises (SMEs) struggling for finance amid the global financial downturn, senior ministers revealed on Thursday.
High demand for loans from SMEs was expected in the short term and banks needed to demonstrate greater willingness to extend finance to these businesses, which were a key driver of the Gulf state’s economy, according to UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi.
.He was speaking in Duabi at the launch of an initiative by the Ministry of Economy, Ministry of Labour and the Central Bank in partnership with several hundred bank branches across the UAE to provide loans to entrepreneurs looking to start SMEs. (more)
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