Qatar Development Bank (QDB) is expanding its support to local non-hydrocarbon exporters to compete in the international markets through a new suite of solutions that builds on its ‘Going Global’ products bundle to empower local exporters and overseas buyers seeking to import from Qatari companies.
In this regard, QDB signed a new memorandum of understanding with QNB Group, signalling a strong competitive advantage for Qatari exporters.
QDB’s partnership with QNB will benefit both Qatari exporters and contractors undertaking global projects, as the new financial solutions are expected to bolster confidence among trading partners to expand their commercial activities, which will in turn enable Qatari businesses to boost their competitiveness in global markets and expand their international customer base.
The partnership aligns QNB’s financial strength as well as its extensive international network and expertise in providing advanced products and solutions in regional and global banking markets; while the QDB plays a pivotal role in terms of offering credit facilities to help Qatari exporters boost their exports, enhance competitiveness and facilitate access to global markets.
The MoU is expected to reflect positively on both parties with QNB benefiting from QDB’s export solutions, including the ‘Buyer’s Credit’ programme, which provides long-term credit facilities to international buyers or international importers, with repayment terms based on the asset lifecycle as well as the country and borrower’s risk profile, to offer coverage of up to 90% of the contract value.
QDB’s ‘Line of Credit’ programme, on the other hand, provides low-cost financing to international buyers who purchase Qatari goods, covering up to 100% of the original facilities through direct financing or bank guarantees through global financial institutions in the buyer’s country of origin.
Through these programmes, QDB aims to boost Qatar’s exports by incentivising international buyers to trade with Qatari exporters, in line with the bank’s strategy to foster Qatari exports across global markets.
"We aim to provide integrated solutions that enable Qatari exporters to tap new opportunities in international markets, which will reflect positively on their current and future projects. This cooperation also enables us to provide solutions that address the financing challenges which Qatari companies may face abroad,” said Khalid Abdulla al-Mana, vice president (Enterprise Development) at QDB.
These new initiatives fall in line with the updated business strategy that QDB recently launched - ‘Qatar Exports’ brand and the ‘Going Global’ bundle - which features a set of export financing and promotion solutions in global markets, according to him.
Khalid Ahmed al-Sada, senior executive vice-president, Group Corporate and Institutional Banking at QNB Group, said this agreement reflects the depth of its fruitful partnership with QDB, enhancing its role in supporting national exports and local companies and contributing to Qatar’s economic growth.
"QNB Group offers innovative financing services and solutions specifically designed to facilitate local and international trade and enhance the competitiveness of Qatari products and their reach across global markets, in an important step towards achieving Qatar National Vision 2030,” he said.
QDB’s partnership with QNB will benefit both Qatari exporters and contractors undertaking global projects, as the new financial solutions are expected to bolster confidence among trading partners to expand their commercial activities, which will in turn enable Qatari businesses to boost their competitiveness in global markets and expand their international customer base
