The Emirates Central Bank revealed that banks have made significant progress to support those affected by the repercussions of the "COVID 19" epidemic, as banks withdrew about 75 percent of the liquidity facilities of the economic support plan, which amounted to 50 billion dirhams (13.6 billion dollars), which is equivalent to about 37.2 billion dirhams (10.1) Billion dollars) of the funding granted to it to date.
The number of people benefiting from the liquidity facilities of the targeted comprehensive economic support plan increased, which contributed to providing financial support to those affected by the consequences of the "COVID 19" epidemic.
According to the Central Bank, a new group of banks joined the last two weeks in the economic support plan, bringing the total of participating banks to 24, in a move that reflects the banking sector’s commitment to reduce the financial burden on affected clients. The UAE Central Bank announced that the list of banks that used more than 50 percent of the liquidity facilities granted to them will be published next week.
The Central Bank revealed the implementation of a comprehensive economic support plan by banks and financing companies directed to support individuals and the private sector companies and small and medium enterprises affected by the repercussions of the "COVID 19" virus. Financing is fully utilized and quick steps are taken to benefit the affected clients, in the context of ensuring the protection and support of individuals and ensuring the continuity of the affected business of private sector companies and SMEs.
Source (Al-Sharq Al-Awsat newspaper, Edited)
