NBAD to administer Khalifa Fund loans
Abu Dhabi, January 12, 2011
Khalifa Fund for Enterprise Development and the National Bank of Abu Dhabi (NBAD), the leading bank in the UAE, have signed a MoU to make the bank an administrator of Khalifa Fund loans.
Under the terms of the MoU signed today, NBAD would provide credit administrator services of the fund. The bank will process the loan application and all the procedures involved in the offering and servicing of Khalifa fund credit to borrowers.
“Khalifa Fund is establishing a favourable finance and investment environment for SMEs and building a new breed of entrepreneurs in the UAE. 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,” said Dr Ahmed Khlail Al Mutawa, chief executive officer of Khalifa Fund for Enterprise Development.
The Khalifa Fund aims for Abu Dhabi to become a major investment and development hub and to assist to the expansion of Emirati-owned businesses and industries.
“Medium and small enterprises are a significant pillar of the economy and its growth, and we are honoured to promote entrepreneurial spirit in Abu Dhabi and the wider UAE,” added Saif Al Shehhi, senior general manager of Domestic Banking Division at NBAD.-TradeArabia News Service