Qatar Development Bank (QDB) has again renewed its agreement with QIIB under its ‘Al Dhameen” programme, enabling further expansion of SME financing.
The agreement was signed by QDB chief executive officer Abdulaziz bin Nasser al-Khalifa and QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei yesterday.
Other dignitaries present during the ceremony included QIIB deputy CEO Jamal al-Jamal, QIIB chief (Corporate Banking) Sheikh Abdulaziz bin Abdullah al-Thani, QDB executive director (Business Finance) Khalid Abdulla al-Mana, and QDB Al Dhameen manager Jawaher al-Noaimi. With this signing of the agreement, they have once again renewed the programme valued up to QR100mn under Portfolio product. The deal will be valid until 2020.
QIIB has been an active partner with QDB since the start of Al Dhameen programme. Together they have achieved the highest partnership level, using case-by-case and portfolio products.
QIIB has achieved 100% target on the portfolio programme, lending QR100mn to SMEs within Qatar. During 2016, the bank was ranked as a platinum partner, as a result; its guarantee coverage increased from 85% to 90%, while lending cap from QR10mn to QR15mn.
Last year, QIIB also bagged the ‘QDB Al-Dhameen Best Partner Bank Award’, which is meant for the most important local banks that support QDB’s Al Dhameen programme.
“Al Dhameen portfolio” is a QR100mn portfolio aimed at facilitating and speeding up approvals to guaranty the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees.
On their successful partnership, al-Khalifa said, “The Al Dhameen programme has been very successful so far in achieving the goal of its creation, overcoming the financial obstacles facing the SME sector, allowing SMEs to attain financial sustainability on a larger scale. Along with the partner banks, this programme has furthermore fructified its cause and is going stronger. Together we have been able to speed up bank financing process for SMEs, so that the entrepreneurs of the QDB can find their ideal destination. “Alongside loans, the bank will also allow them to benefit from the bank’s advisory services, including assistance in the development of their own feasibility studies and conducting market research as well as ensuring the adequate care enabling them to launch their projects and compete within the local and international markets. QDB is committed in providing a range of financing solutions to support SMEs, and to enhance its products in order to contribute in the development of a diversified economy, in line with Qatar National Vision 2030.”
Dr Al-Shaibei said, “The results achieved by QIIB through Al Dhameen programme affirm the fact that such initiatives, built on effective co-operation between partners who aim to serve the national economy, have unique outcome, and importantly, open the doors for self-reliance in terms of services, commodities and exports, thus strengthening the competitiveness of products manufactured in Qatar.
“This is part of an ambitious programme implemented by the government at different levels to sponsor SMEs, support them and stimulate creative initiatives by engaging Qataris and to encourage them to a wider participation in building their country and developing the national economy in all fields. The programme experience ensures the development of large sectors and creates job opportunities that benefit the community in its various segments. It also reduces the dependence on imports and open up broad potentials for the export of goods produced in Qatar, and furthermore, the development and the success of SMEs come to match the objectives of Qatar National Vision 2030. We look forward to assisting more and more SMEs in this growth journey and aim to become economic growth enablers.”
The signatories also called upon entrepreneurs to benefit from this unique project in large numbers and help support the growth of the industry. SMEs wishing to benefit from this renewed tie-up can visit QIIB’s Corporate Branch at Grand Hamad Street, where their applications will be assessed in accordance with the criteria adopted in the programme signed with the QDB.
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