Khalifa Fund names NBAD to manage loans to small firms

Abu Dhabi: Khalifa Fund for Enterprise Development and the National Bank of Abu Dhabi (NBAD), signed a Memorandum of Understanding (MoU) to make NBAD an administrator of Khalifa Fund loans.

Khalifa Fund for Enterprise Development launched its operations in 2007 to promote and nurture entrepreneurialism and help the development of start-up and existing businesses. The fund extends credit to small and medium size businesses.

Under the terms of the MoU signed yesterday, NBAD will provide credit administrator services of the fund.

New entrepreneurs

The bank will process the loan application and all the procedures involved in the offering and servicing of Khalifa Fund credit to borrowers.

"Khlaifa Fund is establishing a favourable finance and investment environment for SMEs and building a new breed of entrepreneurs in the UAE. Therefore, we are keen on selecting only the best in class partners and very pleased to be cooperating with NBAD, a highly reputable bank with one of the largest network and customers base in the country," said Dr Ahmad Khalil Al Mutawa, Chief Executive Officer of Khalifa Fund for Enterprise Development.

The Khalifa Fund aims for Abu Dhabi to become a major investment and development hub and to assist to the expansion of Emirati-owned businesses and industries.

"NBAD is committed to the development and progress of Abu Dhabi and the achievement of Abu Dhabi Vision 2030, the blueprint of sustainable growth in the Emirates. Therefore, we are looking forward to strengthen our partnerships with Abu Dhabi's institutions to facilitate strategic programmes that are essential in realising Abu Dhabi Vision 2030," said Saif Al Shehi, the Senior General Manager of Domestic Banking Division at NBAD.

Best solutions

Business Banking Group at NBAD aims to develop the best solutions for financial transactions of all companies operating in the commercial segment through the bank's extensive branch network in the UAE and specialised products.

"NBAD and the Khalifa Fund pursue the common goal of cultivating and promoting entrepreneurial spirit and the growth of Small and medium sized businesses," said Haitham Al Refaie, the Head of Business Banking Group at NBAD.