Guarantees worth QR3bn allocated to local banks
March 29 2020 11:02 PM
His Highness the Amir Sheikh Tamim bin Hamad al-Thani
His Highness the Amir Sheikh Tamim bin Hamad al-Thani


Guarantees worth QR3bn will be allocated to local banks as part of the directives of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the novel coronavirus (Covid-19).

HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani issued the directive on Sunday. This is in connection with the support package to provide financial and economic incentives, amounting to QR75bn for the private sector.

Qatar Central Bank (QCB) said in a statement that the amount of QR3bn comes within the support package for granting soft loans and without commissions or fees for the affected companies to support salaries and rents through guarantees issued by Qatar Development Bank (QDB) to banks operating in the State.

QCB in cooperation with QDB, will set the standards and mechanisms for the implementation of the incentive.

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