Government-owned Dubai World has made “some progress” in talks with creditors to restructure $26 billion of debt, UK Trade Minister Mervyn Davies said in a meeting on Wednesday, reports Bloomberg. “There are signs of some progress being made from what I hear from the banks and therefore I am hopeful that this progress can continue,” he said.

However, Davies, who was earlier the chairman of Standard Chartered, also added that Dubai World’s debt problems had “hurt confidence and tested UK banks’ resolve in the short-term.” Royal Bank of Scotland Group, HSBC Holdings, Lloyds Banking Group and Standard Chartered are some of the firm’s biggest creditors, according to Bloomberg.

Dubai World had announced in November last year that it would creditors for a six-month debt standstill to restructure $26 billion. The firm is expected to present a plan to creditors this month, according to Bloomberg.