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Posted on December 23, 2013

His Excellency Sheikh Abdulla bin Saud Al Thani, Chairman of Qatar Development Bank (QDB), congratulated His Highness Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, on the Qatar National Day, and announced that, in line of His Highness the Emir’s strategy on the national food security, QDB launched today a new financing scheme targeting Qatari small and big farms owners, aimed at purchasing and raising female livestock, which complements the country’s vision to guarantee food security.

The launch of the new scheme comes in line with QDB’s strategic plans to provide all support for private company owners and Qatari businessmen in various sectors working on diverse economic activities, in a way that is aligned with Qatar National Vision 2030 aiming towards enhancing economic diversification in Qatar, stimulating business sector and promoting Qatari products internationally. Additionally, QDB offers other services related to the food security strategy, as it financially supported a number of projects in livestock, fish and agriculture.

The new Sharia–compliant scheme is launched in cooperation with the Livestock Management unit of the Ministry of Environment and Widam Food Company. It provides small farms owners with financial loans of up to QR 250,000, with a payment period of up to 5 years, while it provides big farm owners with financial loans of up to QR 750,000, with a payment period of up to 8 years, with only 1% of interest to encourage the sector.

Commenting on the launch, Mr. Abdulaziz bin Nasser Al Khalifa, QDB CEO said: “QDB started this initiative a year ago. During that period, the bank cooperated with the Ministry of Environment since it is the main supporter in this sector, and Widam Food Company given the major role it plays in the local market, and in carrying out a comprehensive study of support mechanisms and implementation methods”.

Abdullah Bin Saud Al-Thani, Qatar Central Bank [qatarisbooming.com].jpg

Al Khalifa added: “Our partnership serves as an excellent example of efficient cooperation between the public and private sectors, and reflects QDB’s strategy to support the livestock sector through providing small and big farms and livestock projects owners with all facilitations available to enable them to purchase female livestock, under the supervision of the Ministry of Environment, with QDB’s financial aid and in cooperation with Widam, in order to increase local production. Providing small and big farms owners with female livestock will transform these farms into production entities that assist local market and contribute in the economic self – sufficiency of Qatar. We appreciate the leading role played by the Ministry of Economy and Commerce and the constant support it provides to such initiatives”.

Eng. Farhood Hadi Al Hajri, Deputy Manager of Livestock Management, and Head of the Technical Committee of Livestock Projects in the Ministry of Environment said: “I would like to express me deep thanks and gratitude to Boards of Directors in both QDB and Widam Food Company for their efforts towards supporting the livestock projects and owners of small and big farms. These efforts helped in shaping the scheme which will contribute in supporting local production, and increase the level of self – sufficiency in Qatar. I also appreciate the Ministry of Economy and Commerce and its hard work in supporting such projects and the local production in general. This scheme is of great importance, not only in supporting the growth of local economy, but also in the contribution it has in food security projects”.

“I would like to express my thanks and gratitude to QDB for placing its confidence in us, through entering this agreement in cooperation with the Livestock Management unit of the Ministry of Environment, which will further our plans to support livestock sector”, said Mr. Yousif Muhammad Saleh Al Awadi, General Manager of Widam Food Company, “Based on its deep expertise in the sector, our company’s mission is to provide high-quality livestock suitable for Qatar’s climate, to be raised in accordance with the highest standards and made available for targeted clientele in the near future through our company’s outlets in Qatar. Widam is always keen on working with various stakeholders to maintain the trust and confidence it gained over the years”.

In addition to the financial support, QDB will organize training courses and workshops, in cooperation with the Livestock Management unit of the Ministry of Environment, designed for applicants to guide them on how to deal with small projects from an economic point of view. On the other hand, Widam will handle purchasing of special breeds of livestock suitable for living in Qatar, and obtaining all necessary approvals required by the Livestock Management unit of the Ministry of Environment.

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