| | MAY 20238IN FOCUSEDB COLLABORATES WITH EMIRATES ISLAMIC ON CREDIT SCHEMES FOR SMEsTOYOTA TO VENTURE $338 MILLION IN NEW HYBRID, FLEX CAR IN BRAZILThrough a joint loan guarantee programme, (EDB) and Emirates Islamic have paired up to support small and medium-sized enterprises (SMEs) in the United Arab Emirates. On April 19, an agreement was signed.As part of the partnership, EDB will guarantee a 50 percent financing facility for qualified SMEs provided by Emirates Islamic. It is the eleventh commercial bank to join the platform of the EDB credit guarantee scheme.The two banks will work together to find further chances to improve their banking offerings."EDB remains committed to enhancing our nation's SME ecosystem and supporting the sustainable economic development of the nation, specifically the five key priority sectors," said its CEO Ahmed Mohamed Al Naqbi.The EDB's mandate as the UAE's development bank calls for it to give Dh30 billion in financing--including Dh5 million through loan guarantee programs--toward the growth of the nation's economy in five important areas by 2026.The chief executive officer of Emirates Islamic, Salah Mohammed Amin, stated that "SMEs are a key driver of Emirates Islamic's growth strategy, and we offer a wide range of business banking products and services tailored to meet the needs of companies in this critical sector".EDB granted Dh6.1 billion in financing for the upcoming fiscal year, a 673 percent increase from the year before. A total of Dh1.8 billion was sanctioned for SMEs, an increase of 45 percent from the previous quarter and 387 percent over FY 2021. Toyota Motor Corp. said that it will invest 1.7 billion reais ($337.68 million) to produce a new hybrid, flex-fuel small car in Brazil that will also have an electric motor and run on ethanol and petrol.The Japanese automaker, which in 2019 debuted Brazil's first hybrid flex-fuel vehicle, a version of its iconic sedan the Corolla, has been putting a lot of money on the category in the South American nation where the majority of cars can run on 100 percent ethanol.Rivals General Motors and Ford, based in the United States, who have concentrated on completely electric vehicles, are competing by investing in the technology with Stellantis and Volkswagen.Tarcisio de Freitas, the governor of Sao Paulo, and Rafael Chang, the company's local manager, both attended the occasion where Toyota made their announcement. About 1 billion reais of the investment will come from tax credits Toyota has with the state."Toyota believes in the Brazilian market and continues to invest in technology and innovation to meet consumer needs," Chang said. "It is a sustainable solution that also creates jobs and economic development".The Sao Paulo state government announced in a statement that Toyota's Porto Feliz facility will build the engines for the new tiny automobile, whose name was not disclosed. This move is anticipated to generate 700 jobs.The car will go on sale in 22 Latin American nations starting in Brazil in 2024, it was added.
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