Announcement
15 Mar 2020
In March 2020, the Central Bank of UAE announced the Targeted Economic Support Scheme (TESS) to support UAE's banks and corporates amid the COVID-19 outbreak.
Update:
In November 2020, the Centra Bank of UAE announced the extension of the Targeted Economic Support Scheme (TESS) applicability period to support UAE's banks and corporates affected by COVID-19.
Update:
In April 2021, the Central Bank of UAE announced the extension of the Targeted Economic Support Scheme (TESS) until mid-2022 to support UAE's banks and corporates affected by COVID-19.
Source
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Number of interventions
1
1 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
15 Mar 2020
Revocation date:
30 Jun 2022
Prolonged: 20 Apr 2021
Lending support
On 15 March 2020, the Central Bank of UAE launched the Targeted Economic Support Scheme (TESS) with a value of USD 69.7 billion (USD 13.6 billion). The amount allocated for TESS includes USD 13.6 bill...
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