Central: Extending essential parts of the targeted comprehensive economic support plan until mid-2022
The Central Bank of the United Arab Emirates has extended key parts of the targeted comprehensive economic support plan until mid-2022.
Under this extension, financial institutions will continue to 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. The COVID-19 pandemic. The Central Bank's financing of the loan postponement program under the targeted comprehensive economic support plan will also 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.
Since the pandemic has affected the entire economy, in the United Arab Emirates and globally alike, the Central Bank of the United Arab Emirates expects that financial institutions will be keen to prioritize lending through the support plan, so that it is granted to the sectors, businesses, and families most affected. With the pandemic, thus contributing to ensuring a balanced recovery of the UAE's diversified economy.
Within this context, the Governor of the Central Bank of the United Arab Emirates, Khaled Mohamed Balmy, said, “The extension of the comprehensive economic support plan will allow continuous support from the financial system for the sectors adversely affected by the Covid-19 pandemic. Central Bank to ensure financial and monetary stability in the Emirates. "
It should be noted 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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