UAE banks to get Dh25 billion as second part of state support package

Dubai: The UAE Ministry of Finance will make available Dh25 billion to banks next week as the second part of a support package, the official news agency WAM said on Thursday.

UAE banks have borrowed 80 per cent of the first Dh25 billion liquidity package allocated in October, 2008, a newspaper reported on Wednesday citing an official from a committee in charge of managing the impact of the global credit crisis.

The UAE government in October announced the injection of Dh70 billion into the banking system and made the first tranche deposit in late October.

The move is aimed at easing tight lending conditions amid the global financial crisis.