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UAE Finance ministry takes steps to disburse funds to banks

The Ministry of Finance shall commence disbursement of funds to banks. Banks have been notified of the requirements of payment and transfer. These facilities shall be provided to banks on basis of interest rate payable every three months calculated on the prevailing interest rate for the 5 year US Treasury bond plus 120 basis points or 4% whichever is higher. To avail these facilities banks will have to abide by a number of terms, including supporting the capital and lending capacity in the financial system, supporting local economy and supporting development of the banking sector. Ministerial Committee and Central Bank will take necessary actions in case it is believed that the above objectives are not met. Also there will be a set of conditions and requirements for the banks such as guidelines for capital structure, lending guidelines, support for certain segments, or others that will be announced at a later stage and will be applicable to this and all future disbursements.

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