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Jeddah - Yasmine El Tohamy - DUBAI: The UAE central bank has announced a $27.2 billion set of support measures for businesses and consumers to protect them from the economic impacts of the coronavirus.
The Targeted Economic Support Scheme includes a $13.6 billion fund for banks where collateralized funds - asset-backed lending - can be drawn upon, at 0 percent interest rate.
The scheme also reduces banks’ capital buffers, freeing up another $13.6 billion in lending capacity.
“The support scheme will mitigate the extent of the deterioration by keeping some borrowers’ liquidity issues from becoming solvency issues. The new $13.6 billion funding scheme will not mute significant asset quality challenges, particularly should the pandemic be persistent. The funding scheme will also support banks’ liquidity by providing cheap funding to meet cash calls from affected borrowers,” Moody said in a sector comment.
Abu Dhabi’s government media office announced earlier this week the launch of a new set of initiatives under Ghadan 21, which include provisions relating to subsidies, registration-fee exemptions and others.
The government will allocate around $1.36 billion to subsidize water and electricity for “citizens, and commercial and industrial activities,” the tweet said.
Startups will enjoy subsidies on electricity fees until the end of the year.
Also, all commercial and industrial activities will be exempt from paying Tawtheeq and real estate registration this year.
With SMEs, the government will allocate nearly $817 million in a credit guarantee scheme managed by Abu Dhabi Investment Office to “stimulate financing by local banks and enhance SME’s ability to navigate the current market environment,” Abu Dhabi’s Government media office added.
They will also allocate nearly $272 million “to establish a market maker fund, to enhance liquidity and sustain balance between supply and demand for stocks.”
Other provisions include waiving all current commercial and industrial penalties, exempting commercial vehicles from annual registration fees to the end of 2020.
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