Doha: Qatar Development Bank (QDB) and Commercial Bank have signed a new Al Dhameen programme portfolio agreement to support further expansion of small and medium enterprises (SMEs) financing.
The deal was inked by Abdulaziz bin Nasser Al Khalifa, CEO, QDB, and Abdulla Saleh Al Raisi, CEO, Commercial Bank.
Al Khalifa said: “Al Dhameen is a primary programme to ensure Qatari SMEs are capable of overcoming obstacles, guarantees and short credit history.
“It also facilitates financing procedures for key sectors such as industry, education, healthcare, and added-value services.
“The programme mainly targets companies and start-ups, and we are delighted with the partnership with Commercial Bank, which ensures that all banks operating in Qatar support and develop the SMEs sector, diversifying the private sector and building a knowledge-based economy.”
With a QR100m, the new ‘Al Dhameen portfolio’ aims to facilitate and speed up approvals to guarantee the value of the funding provided by the partner bank to SMEs lacking sufficient guarantees. To ensure smooth introduction of Al Dhameen portfolio programme by Commercial Bank, QDB has prepared a portfolio guide with terms, conditions, highest international standards, due diligence, credit monitoring, applications and guidelines development. This will allow Commercial Bank to take decisions without referring to QDB.
Developing the programme content took nearly two years of cooperation between QDB and partner banks to cater to all needs and increase transparency.
Al Raisi said: “As Qatar’s first private bank, we support Qatar National Vision 2030 under the leadership of the Emir, which sets out an economic blueprint of a viable and prosperous future for Qatar as our nation continues to transform into a more knowledge-based economy.
“The programme gives the private sector a boost by helping the creation and growth of new SMEs required to deliver Qatar’s strategic projects, and introduce new and innovative products and services.
“We are delighted to sign the agreement and join Al Dhameen portfolio which aims to provide funding opportunities for SMEs and we look forward to a successful collaboration.
Commercial Bank provides support for SMEs to help them grow and succeed through our bespoke, value-added products and services through our specialised Enterprise Banking Department to meet the requirements of our customers.”
The Peninsula
