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Six-month loan deferment to take sting out of COVID-19 bite on 450 SMEs: QDB official
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Six-month loan deferment to take sting out of COVID-19 bite on 450 SMEs: QDB official

SMEs vital in fight against coronavirus; five factories involved in domestic manufacturing of sanitisers, two in mask production

Tribune News Network
Doha
The six-month loan deferment included in the QR75 billion stimulus package will benefit 450 small-and-medium-sized enterprises in the country, Qatar Development Bank’s Executive Director of Business Finance Khaled Abdullah al Mana has said.
The stimulus package was part of several measures initiated by the Amir HH Sheikh Tamim bin Hamad al Thani to shield Qatar’s economy from the coronavirus impact.
The present circumstances have led to a change in the nature of work of SMEs, al Mana said. The six-month moratorium would address the liquidity problem they might face now, he added.
“It is our duty, as a body responsible for supporting and supervising small and medium-sized companies, to provide support for this sector to ensure that it is not affected by any possible repercussions,” he said.
In a television interview, Al Mana said the Qatar Development Bank would continue its operations without interruptions through various means.
All requests from banks, including those for financing, consulting or solving SME problems, would be entertained, he added.
QDB would also promote the export of Qatari products to foreign markets, Al Mana said.
Highlighting the SMEs role in helping the country fight the coronavirus pandemic, Al Mana said five factories are currently involved in the domestic production of hand sanitisers and two in the production of medical masks. 
The Qatar Development Bank has set up an operations room to help the private sector deal with the economic impact of the coronavirus pandemic in Qatar, much like it did in 2017 when the Saudi-led quartet imposed a blockade on Qatar.
“The situation is similar today,” the executive director said, drawing parallels between the economic situation now and three years ago when the blockade began.
“We are closely monitoring the situation and are extending the necessary support in terms liquidity, raw materials and logistical services. Our goal is to provide all the necessary support to SMEs to ensure that there is no shortage of commodities in the country.”

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