Posted by Bob Brunskill
The Khalifa Fund for Enterprise Development has signed a memorandum of understanding (MoU) with the National Bank of Abu Dhabi (NBAD) aimed at improving the administration of Khalifa Fund loans to small businesses in the UAE.
Launched in 2007, the fund extends credit to small and medium-sized enterprises and seeks to promote entrepreneurialism and start-up opportunities.
Under the terms of the MoU, NBAD will process loan applications and all the procedures involved in the offering and servicing of Khalifa Fund credit to borrowers.
"Khlaifa Fund is establishing a favourable finance and investment environment for SMEs and building a new breed of entrepreneurs in the UAE," commented Ahmed Khlail Al Mutawa, the fund's chief executive officer.
"Therefore, we are keen on selecting only the best in class partners and very pleased to be cooperating with NBAD, a highly reputable bank with one of the largest network and customers base in the country."
The news comes after Lloyds TSB Middle East this week announced the launch of the fourth annual Undergraduate Development Programme for UAE nationals.