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FINANCIAL NEWS
UAE’s USD2.7b debt fund coordinates with lenders
09 Feb 2012
(MENAFN) The UAE’s USD2.7 billion fund, set up by President Sheikh Khalifa bin Zayed Al Nahyan fund to help pay off low-income citizens’ debts, inked agreements with a number of lenders in the country, Arabian Business reported.
The agreements would set up a mechanism to settle personal loans of defaulters, the fund said. The agreement is valid until all loans are fully cleared.
Under the debt settlement process, the debtor will be required to sign a pledge obliging him not to take loans from banks and financing houses while he is repaying installments.
The fund said that the programme also aims to promote the culture of saving among citizens and encourage them to adopt it through the agreements it has created to repay defaults.
The fund has compiled a first tranche of 6,830 defaulters whose debts were less than USD272,204. The first tranche incurred gross debts of USD544.41 million to banks.
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