Posted on September 13, 2014

HE Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank (QCB), and Chairman of the Board of Directors of Qatar Development Bank ( QDB ) yesterday revealed that QDB has funded projects worth QR3.5bn as part of its efforts to promote economic diversification, Qatar News Agency reported yesterday, said The Peninsula.

Sheikh Abdullah, while speaking at ceremony held at Qatar Business Incubation Centre (QBIC) located in the New Industrial Area, said that the Bank's support for export promotion under Al Dhameen (an export guarantee programme) has reached QR500m, while the funding under portfolio programme for Small and Medium Enterprises (SMEs) has also reached about half a billion riyals. He noted that QDB is providing remarkable services to support the private sector businesses, including startup companies to achieve industrial diversification in line with Qatar National Vision 2030. 

He also highlighted that QDB is providing all the possible assistance to small and medium-sized enterprises such as providing basket of tools, funding that are required to establish and sustain new projects, similarly the way it did in case of Al Furjan markets (neighbourhood retail shopping centres being developed across the country) recently by extending the financial assistance of QR500m. QDB offers financial assistance and loans under three different schemes namely Direct lending, Al Dhameen and Housing Loans. 

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It provide financial aid to the private sector startup and existing companies at highly competitive interest rates and terms that include lengthy repayment periods through its Direct lending and Al Dhameen programmes to help the development and growth of Small and Medium Enterprises in core economic sectors, including industry, education, health, tourism, fishing and animal husbandry and value-added services such as information technology (IT) and other services. 

It provides direct loans (both traditional and Islamic) through project financing facilities (long term) and raw material facilities (short term), while under Al Dhameen programme, it extends indirect financial support to private sector companies through a number of partner commercial banks. Beside other efforts for the benefit of the economy and citizens, the bank also focuses on serious works and tangible achievements. Sheikh Abdullah said that what "we see today is evident and reflects about the consistent efforts made by the bank in this direction". 

He highlighted that the establishment of QBIC is a latest development in the process of industrial diversification. "It (QBIC) is a milestone in the path of QDB 's journey towards achieving economic diversification in the country", he said. He also noted that this incubation centre is the join efforts of QDB and Social Development Centre, which is aiming to promote entrepreneurship and SMEs by providing all the needful resources and environment.