DP World teams up with Emirates Development Bank to finance SME growth
DP World has teamed up with Emirates Development Bank (EDB), signing a Memorandum of Understanding to provide small and medium-sized enterprises (SMEs) access to trade financing through DP World’s trade finance platform, according to the company's release.
It includes a formal framework for EDB and DP World to provide SMEs with access to trade financing at competitive rates via DP World’s trade finance platform. Both parties will also focus on developing joint thought-leadership and outreach programmes and providing financial solutions to support SMEs’ business growth.
Despite being a vital component of global trade, SMEs often encounter challenges with cross-border transactions, supply chain disruptions, and rising raw material costs. To help support the development of SMEs in the UAE, EDB provides financing and innovative banking solutions that ensure the sustainable growth of all parties involved in the development process.
Through the digital platform, DP World facilitates relations between importers, exporters, and logistics companies with financial institutions from around the world. The platform provides borrowers numerous trade finance solutions while providing lenders access to data on cargo movements so they can support SMEs with confidence. These services are provided by DP World Financial Services Limited, a company registered under the Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Services Authority (DFSA).
