The Central Bank of the United Arab Emirates announced the extension of key parts of the targeted comprehensive economic support plan, until mid-2022.
Under this extension, financial institutions will still be able to take advantage of the zero-cost liquidity facility covered by a guarantee, amounting to 50 billion dirhams, until June 30, 2022, to be able to provide new loans and financing to its individual clients, small and medium enterprises, and other private sector companies affected by the repercussions of the pandemic. Covid-19 “.
In a statement issued today, the bank added that the Central Bank’s financing of the loan postponement program under the targeted comprehensive economic support plan will be extended until the end of 2021, so that the remainder of the deferral financing under the aforementioned plan will gradually expire by December 31, 2021.
The Central Bank said that the “Covid-19″ pandemic has affected the entire economy worldwide .. The bank affirmed that the financial institutions in the country will be keen to prioritize lending through the support plan, so that it is given to the sectors, businesses, and families most affected by the pandemic, to contribute. , In ensuring a balanced recovery of the UAE’s diversified economy.
For his part, His Excellency Khalid Muhammad Salem Bala Tamimi, Governor of the Central Bank of the United Arab Emirates, said: “The extension of the comprehensive economic support plan will provide continuous support from the financial system for the sectors affected by the Covid-19 pandemic. This comes within the framework of support for the recovery phase, in line with the bank’s mandate Central Bank to ensure financial and monetary stability in the Emirates. ”
It is worth noting that the Targeted Comprehensive Economic Support Plan is a comprehensive program that covers all measures taken by the Central Bank of the United Arab Emirates in response to the Covid-19 pandemic.
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