Published On: Mon, Nov 24th, 2014

QDB Partner Banks Fund 25 Projects With QR 130 Million in 2014

Abdulaziz bin Nasser Al Khalifa, QDC CEO

Abdulaziz bin Nasser Al Khalifa, QDC CEO

Qatar Development Bank (QDB) Sunday said its Al Dhameen indirect lending (guarantees) has funded 25 projects in 2014 for a total value of QR 130 Million through partner banks.
Overall it has financed nearly 120 projects of start-ups and established Small and Medium Enterprises (SMEs) in Qatar, the bank said.
Hailing the growth of Qatar’s SMEs, QDC CEO Abdulaziz bin Nasser Al Khalifa said, “Success does not happen by chance; it is a choice.
“It is the result of innovative policies we implemented to help SMEs overcome financial obstacles. We have also share success by working together with our partner banks in Qatar, rather than competing with them.” Al Dhameen has also helped banks overcome reservations about financing SMEs due to the high-risk ratio of some in the sector, he said.
QDB and partner banks provide financing solutions to SMEs by disbursing loans and following their market progress.
The bank started Al Dhameen in 2010 to encourage banks to finance SMEs with short credit history or with no collateral to support borrowing.
It does not provide direct financing to SMEs, but offers business owners a facility to receive the required project financing from a partner bank, by issuing guarantees in favour of that bank.
Under the guarantees, Al Dhameen vouches for 85% of the loan value not exceeding QR 15 Million. So far, it has provided guarantees worth nearly half a billion Qatari Riyal to SMEs through nine Al Dhameen partner banks.
QDB recently organized a training course for customer relations managers and credit officers at Al Dhameen partner banks to build their expertise in credit and project evaluation, QDB said.

Source : Qatar News Agency

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