Banks provided financial facilities worth AED 83.3 billion to SMEs by end of 2022: CBUAE

Accumulated balance of financial facilities and loans extended by banks operating in the UAE to Small and medium-sized enterprises (SMEs) reached AED 83.3 billion by the end of 2022, according to the latest data released by the Central Bank of the UAE (CBUAE).

Loans to SMEs accounted for 10.4% of the total accumulated balance of financial facilities for the trade and industrial sector which stood at AED 799.1 billion by the end of December 2022.

According to Ministry of Economy, the SMEs sector represents more than 95% of the total number of companies operating in the country and provide jobs for more than 85% of the private sector's workforce.

News Source: Emirates News Agency