FCCI forwards rescue proposals to apex bank

Abu Dhabi, April 14, 2009 (WAM) - The Federation of Chambers of Commerce and Industry (FCCI) presented yesterday a raft of proposals to the Central Bank of the UAE focusing on reinvigorating mechanisms for facilitating delivery of deposits into the banking system to better serve interests of businesses.
Presented during a joint meeting between the apex bank and FCCI, the package called for adopting effective strategies to address challenges the private sector is facing.
The joint meeting, which co-chaired by Governor of Central Bank Sultan Al Suweidi and FCCI Chairman Salah Al Shamsi, discussed sector-wise funding especially those are sensitive to foreign changes like the tourism, real estate and services sectors.
A FCCI press release said the joint meeting is part of a series of encounters to discuss impact of the international financial crisis on the national economy.
The two sides stressed that efforts of federal and local government should be coordinated with those of the private sector address the negative effects of the crunch and mitigate its impact.
''More meetings are needed to enhance standards of transparency and disclosure to empower investors to take right decisions based on the financial situation of companies and accurate information,'' the release added.