(MENAFN- Gulf Times) Qatar Development Bank (QDB) has inked agreement with Commercial Bank for its 'Al Dhameen portfolio' programme to support further expansion of small and medium enterprises (SME) funding in Qatar.
The pact was signed by QDB chief executive Abdulaziz bin Nasser al-Khalifa and Commercial Bank chief executive Abdulla Saleh al-Raisi.
With a QR100mn portfolio, 'Al Dhameen portfolio' aims at facilitating and speeding up approvals to guaranty the value of the funding provided by the partner bank to SMEs lacking sufficient guarantees.
"Al Dhameen is a primary programme for ensuring that Qatari SMEs are capable of overcoming obstacles, guarantees and short credit history. It additionally facilitates financing procedures for key sectors such as industry, education, healthcare, and added-value services," al-Khalifa said.
Highlighting that the programme is mainly targeting companies and start-ups, he said QDB is delighted with Commercial Bank's partnership, which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and building a knowledge-based economy.
To ensure a smooth introduction of 'Al Dhameen portfolio' programme by Commercial Bank, QDB has prepared a dedicated portfolio guide that describes the terms, conditions, highest international standards, due diligence, credit monitoring, applications and guidelines development. This will allow Commercial Bank to take the necessary decisions without referring back to QDB.
Developing the programme content took nearly two years of close cooperation between QDB and partner banks to cater to all needs and increase transparency, according to a QDB spokesman.
"The Al Dhameen programme gives the private sector a real boost by helping the creation and growth of new SMEs required to deliver Qatar's strategic projects, and introduce new and innovative products and services to the public," al-Raisi said.
Commercial Bank provides dedicated support for SMEs to help them grow and succeed through its bespoke, value-added products and services, through specialised enterprise banking department to meet the requirements of the customers, he added.
SMEs can benefit from the new programme by visiting their nearest Commercial Bank branch where detailed information and support are available for those interested in the 'Al Dhameen portfolio' programme.
In enhancing and improving the 'Al Dhameen' programme, QDB relied on the survey of partner banks and all parties concerned to expand the base of beneficiaries and allow partner banks to determine the appropriate small and medium enterprises to be financed and to fund them more flexibly.
'Al Dhameen' programme continued its distinguished contribution to enhancement and diversification of the national economy with it achieving the highest rates since it was launched in 2010 as the bank agreed to provide bank guarantees estimated at more than QR573mn for more than 212 SMEs, of which QR363mn of these guarantees were cashed.
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