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QDB launches programme to support affected companies

QDB launches programme to support affected companies

QNA
Doha
Implementing the directives of the Amir HH Sheikh Tamim bin Hamad al Thani to provide financial and economic incentives amounting to QR75 billion to the private sector, and the directives of Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz al Thani to extend QR3 billion guarantee to local banks, the Qatar Development Bank (QDB) launched the National Guarantee Programme.
The programme will provide guarantees for local banks to grant interest-free loans to affected companies to meet the challenge of the coronavirus (COVID-19) pandemic.
The National Guarantee Programme aims to support salaries and rents of companies in the private sector.
The Qatar Development Bank will manage and issue the guide for this programme, while banks will grant financing with a guarantee from Qatar Development Bank.
The QDB stated that companies wishing to benefit from the programme are required to be fully owned by the private sector and to be registered in the Wage Protection System in force in the country.
As for filing application to benefit from the programme, the QDB indicated that companies or their official representatives should communicate only with the commercial and Islamic banks in which their accounts are registered for the wages protection system. They should submit requests for benefit exclusively through commercial and Islamic banks operating in the country.
The programme’s mechanism of work includes providing a 100 percent coverage guarantee by the QDB to the commercial and Islamic banks to offer finance without any fees or commissions. It is stipulated that the beneficiary company will pay to the commercial and Islamic donor banks within a maximum of three years, including a one-year grace period.
QDB CEO Abdulaziz bin Nasser al Khalifa said the launch of the National Guarantee Programme to response to the COVID-19 in cooperation with the Ministry of Finance, the Qatar Central Bank and commercial and Islamic banks in Qatar is a continuation of the efforts to provide all types of support for SMEs and various components of the private sector during the current circumstances.
He said the programme will equip private companies to face the economic impacts of the pandemic, and it will ensure that they continue to work in a manner that does not affect their commercial operations.