Postponing the repayment of loans until the end of 2021
The Central Bank is extending parts of the economic support plan until mid-2022
Khaled Al-Tamimi: "The extension of the comprehensive support plan will provide continuous support from the financial system for the sectors affected by the pandemic."
Yesterday, the Central Bank announced the extension of key parts of the targeted comprehensive economic support plan, until the middle of next year.
In a statement, the Central Bank stated that, according to this extension, financial institutions will still be able to benefit from the zero-cost liquidity facility covered by a guarantee, amounting to 50 billion dirhams, until June 30, 2022, in order to be able to provide new loans and financing to its individual clients, and small and medium-sized enterprises, And other private sector companies affected by the repercussions of the "Covid-19" pandemic.
He 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 indicated that the Covid-19 pandemic affected the entire economy worldwide, stressing 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, in order to contribute to ensuring a recovery Balanced UAE's diversified economy.
The Governor of the Central Bank, Khaled Muhammad Salem Balam Tamimi said, “The extension of the targeted comprehensive economic support plan will provide continuous support from the financial system for the sectors affected by the (Covid-19) pandemic, as this comes within the framework of support for the recovery phase, in line with the mandate of the Central Bank. By ensuring financial and monetary stability in the UAE ».
It is noteworthy that the targeted comprehensive economic support plan is a comprehensive program that covers all the measures taken by the Central Bank of the United Arab Emirates in response to the "Covid-19" pandemic.
• Extending the banks' utilization of the facilities, amounting to 50 billion dirhams, at zero interest, until June 30, 2022.
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