Obaid Humaid Al Tayer, State Minister for Financial Affairs, has directed the banks to continue financing basic economic sectors, in order to help sustain economic growth at a reasonable pace.
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In the same time the Governor of the Central Bank of UAE, Sultan bin Nasser Al Suwaidi outlined the government’s support plan for the banks. He directed the banks and financial institutions to furnish details of their financial situation. The Finance Ministry has attached conditions to the government’s support facilities, including the need for the banks to finance trade and related facilities, provide financial assistance to businessmen and contractors engaged in the execution of infrastructure projects. Intra-bank assets cooperation is esensial and all the banks must contribute in the financing of basic economic sectors to help sustain economic growth at a reasonable pace.
In an effort to immunize the national banking sector from the ill-effects of the current global financial crisis, Vice-President and Prime Minister of the UAE and Ruler of Dubai, His Highness Shaikh Mohammed bin Rashid Al Maktoum, in line with the directives of President His Highness Shaikh Khalifa bin Zayed Al Nahyan, ordered the release of Dh70 billion to the Finance Ministry. He also tasked the Central BankCentral Bank
Central Bank of the United Arab Emirates and the ministry to come up with the right mechanisms to inject this liquidity into the banking sector.
