UAE Central Bank Extends Economic-Support Program Until Mid-2022

The United Arab Emirates extends its economic support program launched in response to the coronavirus pandemic until the middle of next year, the Gulf state’s central bank said.

Financial institutions will continue to be able to tap a collateralized 50 billion-dirham ($13.6 billion) zero-cost liquidity facility until June 30 next year, according to a statement.

Banks can draw on the facility to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by the virus fallout.

Financing for loan deferrals under the program will also be extended until the end of 2021, while outstanding financing for deferrals will be fully phased out by the end of this year, the central bank said.

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