In an initiative aimed at supporting Qatar’s small and medium-sized enterprises and promoting the country’s industrial sectors such as chemicals, plastics, wood materials, and electronics, QDB, QNB and QIB have signed an MoU, facilitating access to finance up to 70% of the project value with a maximum limit of up to QR15mn per project to ‘Jahiz I’ participants.
‘Jahiz I’ initiative is a programme dedicated to supporting a number of industrial sectors in the country.
The developmental scheme will be financed through the framework of Al Dhameen indirect loan guarantee facility.
As provided in the MoU, small and medium-sized enterprises (SMEs) participating in the Jahiz I initiative may now access finances up to 70% of the project value with a maximum limit of up to QR15mn per project. Moreover, the participating companies can now obtain the required funding within 10 working days at competitive financing rates.
The partner banks will also extend lending to SMEs by providing adequate safeguards through the existing Al Dhameen indirect loan guarantee facility.
The MoU was signed by QDB executive director (Business Finance) Khalid Abdulla al-Mana, QNB assistant general manager (SME Banking) Khaled al-Nuaimi and QIB general manager Tarek Youssef Fawzi.
Al-Mana said, "We are truly delighted to sign this agreement—I would like to extend my sincere gratitude to Qatar National Bank and Qatar Islamic Bank. Their generous contribution will important role in enabling the entrepreneurs of the Jahiz I initiative to expand their businesses, which in turn will lead to the development of the private sector, create economic diversity, and lead to the building of a knowledge-based economy.”
Al-Nuaimi said, “We are proud to partner with Qatar Development Bank for the Jahiz I initiative. We are confident that this project will become a strong driving force that will stimulate the private sector as envisioned in Qatar National Vision 2030 as well as further build upon QNB Group’s organizational practice of supporting SMEs.”
Fawzi said, “The Jahiz I agreement exemplifies QIB’s commitment towards supporting the country’s economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of Qatar National Vision 2030. It also allows our customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans.”
In a similar effort, QDB previously launched the “Al Dhameen portfolio”—a QR100mn portfolio, aimed at facilitating and expediting approvals from partner banks to secure funding for SMEs that lacked sufficient guarantees. The portfolio was designed to facilitate financing procedures for sectors that held great importance for the national economy, such as manufacturing industries, education and health care as well as value-added services.
The Al Dhameen programme mainly caters to new startups and existing companies that have a revenue turnover of less than or equal to QR30mn.
The ongoing Jahiz I initiative offers some 32 new rental facilities on specially-discounted rates of QR5/m2 per month. The sites are purpose-built to host a variety of eco-friendly manufacturing businesses in the industrial area and vary in size from between 2,500 to 3,000 square meters.
Moreover, they support an electric capacity of 350 – 800 kilowatts. The scheme seeks to bring down the barriers to entry for small and medium-sized manufacturing businesses that are involved in the chemicals, plastics, wood and electronics industries.
In addition to assisting manufacturing industries through Jahiz I, QDB also incentivises the development of the farming industry through its Jahiz II initiative, which offers as many as 14 dedicated facilities for manufacturers in the food and beverage sector in Qatar.
The MoU among QDB, QNB and QIB is the latest in a string of initiatives by Qatar Development Bank to promote economic diversity.
Through providing capital, guarantees and advisory services, QDB said it seeks to “stimulate the local private sector and empower the manufacturers of non-oil and gas Qatari products.”
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Qatar Museums hosts 4th public art talk of the season
Al-Thawadi meets ambassadors
Al-Hammadi meets Libyan official
FM receives written letter from Indian minister of external affairs
Chief of Staff meets president of International Military Sports Council
Temporary closure on 100m of Sheraouh Street
Amir sends condolences to French president
Sheikha Moza to attend opening of Doha conference on disability
PM's mother passes away