Khalifa Fund signs deal with Abu Dhabi Finance
Abu Dhabi, June 16, 2013
Khalifa Fund for Enterprise Development has signed a MoU with Abu Dhabi Finance which contains a number of services for the commercial mortgage for the Fund's applicants.
It supports the Khalifa Fund's efforts to prepare the appropriate environment to establish and improve the enterprises financed by the Fund all over the country.
The agreement was signed by Abdullah Saeed Al Darmaki the CEO of Khalifa Fund for Enterprise Development and Ali Eid Al Mheiri, the chairman of Abu Dhabi Finance in the presence of some executives from both sides.
"This MoU comes as an example of the Fund's efforts to provide alternative financial solutions for its applicants in order to reduce their operating costs by offering an alternative to the increase of the rent for our applicants", said Al Darmaki after the signing ceremony.
"The startup cost of the business will be reduced by about 30 per cent, and the Fund will provide support to applicants by offering varying levels of guarantee," stated Al Darmaki.
"We expect that 30 – 40 applicants will benefit from this scheme at the initial stages, while the number of beneficiaries will be increased gradually", he added.
Ali Eid Al Mheiri, the chairman of Abu Dhabi Finance, said: “This agreement is a proof of Abu Dhabi Finance’s commitment to support the sector of SMEs in the emirates and enable them to develop and grow in order to serve the national economy.”
"The volume of funding for entrepreneurs in this special program will be determined according to the needs of the project, taking into account the cash flows by offering competitive interest rates and affordable repayment periods," he added.-TradeArabia News Service