ID :
164370
Sun, 02/27/2011 - 10:14
Auther :

International Bank of Qatar and Qatar Development Bank Sign Agreement for Al Dhameen SME Program

Doha, February 26 (QNA) - International Bank of Qatar IBQ and Qatar Development Bank (QDB) signed Saturday an agreement for QDB's Al Dhameen SME Program which aims at growing the local Small and Medium Enterprises (SME) sector and enhancing Qatar's economic fundamentals.
The agreement was signed at the QDB Head Office, in the presence of Mansour Ibrahim Al-Mahmoud, Chief Executive Officer of QDB and George Nasra, Managing Director of IBQ.
The Qatar Development Bank has established the Al Dhameen Indirect Lending Program to offer a range of financing solutions to viable SMEs. The program is designed to improve access to financing for SME's by guaranteeing part of the financing extended by commercial banks.
The program guarantees up to 75% of outstanding principal to a maximum value of QR8m for existing SME's; and 85% of outstanding principal to a maximum of QR10m for new SME's or start-up companies, IBQ said in a press release .
Mansour Ibrahim Al-Mahmoud, Chief Executive Officer of QDB said: "We're very happy to have IBQ as one of Al Dhameen's partners. It certainly adds considerable value to our existing partnerships. The Al Dhameen SME 2011 Program is one of many QDB initiatives to help diversify the Qatari economy and enhance the productive and active role that SMEs play in a robust domestic business market. The program will encourage an increase in the number of new SMEs by making access to finance easier for entrepreneurs at affordable rates. Additionally, Al Dhameen will also helps existing SMEs grow into larger and more significant businesses by providing them with greater access to financing for investments and working capital." George Nasra, Managing Director of IBQ said: "We, at IBQ, are strongly committed to participate in the growth of the Qatari economy by supporting local SMEs and providing required finance solutions, particularly in light of the number of new project coming on stream as a result of the World Cup 2022, which are estimated at over $70bn. We firmly believe that for an economy to move from strength to strength there should be a healthy and productive partnership between the private and public sectors in order for SMEs to expand and for a diversified economy to have healthy and solid pillars." The Al Dhameen program was designed to develop high-priority sectors, such as manufacturing and knowledge-driven systems that are in-line with the Qatar National Vision 2030.
Qatar Development Bank (QDB) was founded in 1997 by Emiri Decree No.14 to diversify the Qatari economy by promoting small and medium scale developmental projects.
It is a non-profit organisation, focusing primarily on assisting local initiatives in the eight private sectors of education, health care, tourism, industrial, agriculture, animal resources, fisheries and real estate. The Bank's unique approach involves flexibility to meet local needs, proactive initiatives to financing projects of different scopes and types and minimum formalities and requirements for ease of process.
is dedicated to supporting the diversification and growth of the private sector in Qatar by providing easily accessible and competitive financing, as well as consulting and advisory services that assist companies to grow and be successful in addition to financial information and research.
International Bank of Qatar (IBQ) is a well established and rapidly growing commercial institution, offering a full range of retail, private and corporate banking solutions. International Bank of Qatar has a strong commitment to build long-lasting relationships with its customers and provide them with excellent customer service with a focus on making banking simple, convenient and tailored to their needs. The International Bank of QatarIBQ is one of the oldest existing banks in Qatar and . It has a growing network of 14 branches and service centres, and 34 ATMs in strategic locations throughout Qatar.

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