HSBC Allocates Over 50% of its One Billion Dirham International Trade SME Fund in Just Three Months

HSBC Allocates Over 50% of its One Billion Dirham International Trade SME Fund in Just Three Months PR Newswire LONDON, August 21, 2012 LONDON, August 21, 2012 /PRNewswire/ -- Over half of a 1 billion AED fund aimed at small and medium sized enterprises has been allocated just three months after its launch, according to HSBC Bank Middle East. 57% of the HSBC International Trade SME Fund has been awarded to UAE businesses since it was announced on 15 May 2012. The Bank has allocated the Fund at a rate more than one and a half times faster than in previous years. This year is the third tranche in HSBC UAE's flagship SME Fund programme. Commenting on progress, Rana Al Emam, Head of Business Banking, HSBC Bank Middle East Limited, UAE said: "We are very excited to announce that over 570 Million Dirhams of the International Trade SME Fund has been allocated. Focusing the Fund on businesses with cross border trading requirements is vital given the growing number of businesses positioning themselves to take advantage of international trade corridors to grow and succeed. The Middle East is an historic trading hub for East to West trade flows. With the centre of the economic world progressively moving east - these 'trade corridors' have emerged even stronger than ever." 88% of the Fund allocated to date has been awarded to businesses seeking to trade internationally. Trade continues to be a strong area of focus for HSBC both regionally and globally.