13 Mar 2018 - 1:19
QDB renews Al Dhameen program deal
Doha: Buoyed by a strong two-year partnership, Qatar Development Bank (QDB) has once again renewed its agreement with Qatar International Islamic Bank (QIIB) for its very successful Al Dhameen program portfolio agreement, enabling further expansion of SMEs financing.
The agreement was inked by Abdulaziz bin Nasser Al Khalifa, CEO of QDB, and Dr. Abdulbasit Ahmad Al Shaibei, QIIB Chief Executive Officer, at the QDB head office yesterday. With the signing agreement, they have once again renewed the programme valued up to QR100m under Portfolio product. The deal will be valid till 2020.
QIIB has been an active partner with QDB since the start of Al Dhameen programme. Together they have achieved the highest partnership level, using case-by-case and portfolio products.
They have achieved 100 percent target on Portfolio program, lending QR100mn to SMEs within Qatar.
“Al Dhameen portfolio” is a QR100m portfolio aimed at facilitating and speeding up approvals to guaranty the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees. QDB has prepared a special portfolio guide that describes the terms, conditions, eligibility criteria, due diligence, credit monitoring, applications and guidelines development, to help QIIB to take the necessary decisions without referring to the QDB.
“Together we have been able to speed up bank financing process for SMEs, so that the entrepreneurs of the QDB can find their ideal destination. Alongside loans, the bank will also allow them to benefit from the bank’s advisory services, including assistance in the development of their own feasibility studies and conducting market research as well as ensuring the adequate care enabling them to launch their projects and compete within the local and international markets,” said Abdulaziz bin Nasser Al Khalifa, CEO of QDB.
On his part, Dr Abdulbasit Ahmad Al Shaibei, QIIB Chief Executive Officer, said:“The results achieved by QIIB through Al-Dhameen programme affirm the fact that such initiatives, built on effective cooperation between partners who aim to serve the national economy, have unique outcome, and importantly, open the doors for self-reliance in terms of services, commodities and exports, thus strengthening the competitiveness of products manufactured in Qatar.”