UAE sets up 100 bln dirhams scheme to contain COVID-19 impact on private sector
The Central Bank of the UAE on Saturday (Mar 14) announced a 100 billion dirhams ($27.23 billion) Targeted Economic Support Scheme for retail and corporate customers affected by COVID-19.
The scheme consists of 50 billion dirhams from central bank funds through collateralized loans at zero cost to all banks, and another 50 billion dirhams freed up from banks’ capital buffers.
“The purpose of the targeted scheme is to facilitate provision of temporary relief from the payments of principal and interest on outstanding loans for all affected private sector companies and retail customers in the UAE,” said the central bank in a statement.
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