In celebration of its 75th year in the UAE and the nation’s Golden Jubilee, HSBC recently announced its plans of committing $5 billion lending to assist strong companies in need of new capital to grow their businesses globally.
The initiative was made in support of its celebration of being the first bank to open its doors in the UAE and of the nation’s strategy of fortifying global standing by financing businesses looking to invest in international growth by way of sustainability and innovation.
Incentives will be offered to eligible businesses that meet the set criteria such as green lending discounts and certification, access to targeted growth programs and trade-related benefits. Firms in agriculture, education, financial technology, green energy, green transport, healthcare, trade, and urban design sectors are expected to benefit from the lending support.
In the recent HSBC Navigator 2020 report, it is said that 81 per cent of the local companies are eyeing to increase their investment budget by the end of the year in comparison to 66 per cent of companies worldwide, while 90 per cent of the firms expect to increase international trade in a span of 12-18 months compared to 72% of companies globally.
“Our research clearly indicates that UAE companies are ready to invest internationally and sustainably,” Abdulfattah Sharaf, CEO HSBC UAE said in a statement. “Our $5 billion commitment, between now and 2023, will support plans that strong companies have to enter new trade markets, re-engineer their supply chains, to innovate – and to play an active part in helping shape the nation’s future growth story.”
The initiative will help bolster the UAE economy as vital sectors were crippled by the pandemic in 2020.