DP World has signed a memorandum of understanding with Emirates Development Bank (EDB) to provide small and medium-sized enterprises (SMEs) access to trade finance through its trade finance platform.
The agreement includes a formal framework for EDB and DP World to provide SMEs with access to trade finance at competitive interest rates through DP World’s trade finance platform.
The two parties are also expected to focus on developing joint mentoring and outreach programmes and providing financing solutions to support SME business development.
Despite being a vital element of global trade, SMEs often face challenges with cross-border transactions, supply chain disruptions and rising raw material costs. To support SME development in the UAE, EDB provides financing and innovative banking solutions that ensure sustainable growth for all parties involved in the development process.
According to DP World, through the digital platform, relationships between importers, exporters and logistics companies with financial institutions from around the world are facilitated.
The platform provides borrowers with trade finance solutions while giving lenders access to data on cargo movements so they can support SMEs with confidence.
These services are provided by DP World Financial Services Limited, a company registered under the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA).
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said, “We are delighted to form a dynamic partnership with DP World to enable growth and economic diversification in the UAE, in line with the government’s national agenda.”
He added, “Over the years, EDB has expanded its SME support, enhanced their bankability, and provided them with easy and smooth access to growth finance. We look forward to creating new opportunities with DP World and working closely with them to support the growth of SMEs from the UAE and overseas.”
