EDC members to receive financial services by Dubai-SBI

A Memorandum of Understanding was recently signed between Dubai Export Development Corporation, EDC and the State Bank of India, SBI, with the aim of providing a framework for the provision of financial support and services to EDC members consisting of exporters and manufacturers in the UAE.

Under this three-year agreement, a framework would be provided, which will allow EDC members to acquire value added financial services from SBI in the areas of deposits, investments, corporate credit, loans and syndications, term loans & project finance, on a selective basis.

Furthermore, the agreement will also facilitate credit to the exporters in the UAE at preferential and discounted terms. Steps like these will greatly make easy the task of the exporters and in return, enhancing the export segment of the UAE economy.

EDC before getting connected with SBI signed a similar arrangement for product certification with M/s Intertek. It won't be wrong to say that EDC is regularly seeking partnerships with service providers who can offer luring and profitable services that support the local exporters in the Emirates to establish innovative businesses and to develop customer export prospects.

A full range of banking services, accepting deposits in non Dirham currencies (from non state markets) preferably USD, GBP and Euro for various periods are provided by India's largest bank, State Bank of India located at Dubai International Financial Centre, apart from providing credits. The MoU states that deposits made by EDC members' will be selectively given a preferential pricing over SBI's card rates.