Lender HSBC has started an AED1bn (US$272m) International Trade SME Fund, 30 percent of which will be allocated to Emirati-owned businesses.
The fund, the third tranche in the bank's SME fund programme, focuses on SMEs with international trading requirements, the bank said in an e-mailed statement.
About 76 percent of mid-sized companies carry out cross border business, and over 90 percent of UAE-based businesses are currently involved in international trade.
About 67 percent of the bank's initial fund was awarded to customers that required international trade facilities, while 87 percent of HSBC's second fund was allocated to internationally-oriented SMEs.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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