QIB, QDB sign new Al-Dhameen Programme agreement

The agreement was signed by Tarek Fawzi, QIB Wholesale Banking Group general manager, and Khalid Abdulla al-Mana, executive director of Business Finance at QDB.QDB announced new updates to the Al-Dhameen programme for small and medium-sized enterprises (SMEs) to encourage partner banks to finance projects with the aim of attracting promising start-ups and SMEs seeking financing to develop their businesses. QDB announced the launch of a new version of the Al-Dhameen programme for micro-enterprises for the first time in the country, which will contribute to the development of the national business system in terms of access to financing and will also provide new financial channels for guarantees for micro-enterprises in co-operation with partner financial institutions.According to the new agreement, SME customers at QIB can benefit from the Al-Dhameen portfolio to obtain financing equivalent to 70% of the value of the project, with a maximum of QR15mn for each project. SMEs can also obtain the required financing at competitive financing rates. The agreement also encourages partner banks to expand the process of financing SMEs by providing them with sufficient guarantees through the Al-Dhameen Programme.Fawzi said, “We are pleased to sign this agreement, which aims to empower SMEs and support them implement their projects, which in turn contributes to diversifying the national economy and builds a knowledge-based economy.“This agreement is a testament to QIB’s commitment to supporting Qatar’s economy by enhancing the role of the private sector and contributing to a suitable economic diversification as part of the Qatar National Vision 2030. The new Al-Dhameen Programme enables our customers to fulfil their needs seamlessly and expand their business, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans.”He added: “QIB is proud of its strong ties with Qatar Development Bank and we are committed to further enhancing our mutual cooperation to achieve the objectives of this agreement, which will contribute significantly to providing direct financing solutions for SMEs.”Updates to the Al-Dhameen Programme come after QDB’s great success over 10 years since its launch and were based on reviews involving entrepreneurs and partner banks, after reviewing best international practices for identifying aspects of development in the interests of both parties, streamlining procedures, and improving the terms of guarantees.