CBUAE Remains Committed To Supporting UAE’s Recovery
Umer Jamshaid Published April 20, 2021 | 12:45 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 20th Apr, 2021) The Central bank of the UAE (CBUAE) has extended integral parts of its Targeted Economic Support Scheme (TESS) until mid-2022.
Financial institutions will continue to be eligible to access the collateralised AED50 billion zero-cost liquidity facility up to 30th June, 2022, to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by Covid-19 repercussions.
CBUAE’s financing for loan deferrals under the TESS will also be extended until the end of 2021. The outstanding financing for the TESS deferrals shall be fully phased out by 31st December 2021.
While the pandemic affected the entire economy, both in the UAE and globally, the CBUAE expects financial institutions to prioritise lending through the TESS to the most negatively affected sectors, businesses, and households, contributing to a balanced revival of the UAE’s diversified economy.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, "The extension of the TESS shall allow continued support by the financial system to the sectors negatively affected by the Covid-19 pandemic. This is done to support the recovery phase, in line with the CBUAE mandate to ensure financial and monetary stability."
TESS is a comprehensive programme covering all CBUAE measures in response to the COVID-19 pandemic.
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago