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UAE Ministry of Finance says Emirates NBD has made full repayment of support funds

July 20, 2014

The UAE Ministry of Finance has revealed that Emirates NBD last week repaid AED 4 billion to the Ministry. The funds were the final part of a total support package made available to the bank of AED 12.6 billion.

In total, the UAE Government had approved some AED 70 billion to support the banking sector at the height of the financial crisis in October 2008. In a statement released on the Ministry of Finance's website, Undersecretary of the Ministry of Finance, Younis Haji Al Khouri, said that, "Emirates NBD informed the ministry… to pay AED 4 billion to the Ministry of Finance, constituting a payment of the last of the funds of Government support received by the bank."

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Source: CPI Financial

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