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November 9, 2020

CBUAE report states role played by national banks in providing financial relief

The UAE Central Bank's Targeted Economic Support Scheme (TESS) liquidity scheme, which was rolled out to help businesses mitigate the COVID-19 impact, has so far benefited more than 320,000 customers.

In a recent report, the Central Bank of the UAE (CBUAE) has highlighted that all the UAE national banks along with participating foreign banks operating in the country played an active and effective role in providing financial relief to business and households that are positively contributing to the prosperity of the national economy.

The TESS loan deferral program, which is one of the implemented measures, benefited more than 320,000 customers out of which 310,000 were retail customers, 10,000 small and medium enterprises, and 1,500 private sector corporates, according to CBUAE’s latest data.

Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE, said: “On my behalf and on behalf of every staff member of the Central Bank of the UAE, I would like to express my sincerest gratitude to His Highness Sheikh Mohamed Bin Zayed Al Nahyan for the Frontline Heroes Office’s recognition of the Central Bank’s efforts in maintaining the stability of the UAE’s national economy and financial system during the prolonged period of the COVID-19 crisis.”

The TESS scheme ends in December 31. It was first rolled out in March as CBUAE unveiled a 100 billion dirhams stimulus package to help companies and individuals affected by movement restrictions and other measures taken to stop the spread of the coronavirus pandemic.

Initially, the TESS included 50 billion dirhams from CBUAE funds through collateralised loans at zero cost to all banks operating in the UAE and 50 billion dirhams freed up from banks’ capital buffers. Later, the size of this package was increased to 256 billion dirhams.