QDB, QNB, QIB sign MoU to facilitate access to finance for 'Jahiz I' initiative
Jahiz I initiative is a programme dedicated to supporting a number of industrial sectors, including: chemicals; plastics; wood materials; and electronics.
Qatar Development Bank (QDB) signed a Memorandum of Understanding (MoU) with QNB and Qatar Islamic Bank (QIB) to finance the developmental scheme through the framework of Al Dhameen indirect loan guarantee facility.
Small and medium-sized enterprises (SMEs) participating in the Jahiz I initiative may now access finance up to 70% of the project value with a maximum limit of up to QAR 15 million per project.
The participating companies can now obtain the required funding within 10 working days at competitive financing rates. The partner banks will also extend lending to SMEs by providing adequate safeguards through the existing Al Dhameen indirect loan guarantee facility.
Executive Director of Business Finance, QDB, Khalid Abdulla al-Mana said, "I would like to extend my sincere gratitude to Qatar National Bank and Qatar Islamic Bank. Their generous contribution will important role in enabling the entrepreneurs of the Jahiz I initiative to expand their businesses, which in turn will lead to the development of the private sector, create economic diversity, and lead to the building of a knowledge-based economy.”
The ongoing Jahiz I initiative offers 32 new rental facilities on specially-discounted rates of QAR 5/m2 per month. The sites are purpose-built to host a variety of eco-friendly manufacturing businesses.
The scheme seeks to bring down the barriers to entry for small and medium-sized manufacturing businesses that are involved in the chemicals, plastics, wood and electronics industries.
In addition to assisting manufacturing industries through Jahiz I, QDB also incentivises the development of the farming industry through its Jahiz II initiative, which offers 14 dedicated facilities for manufacturers in the food and beverage sector in Qatar.
This MoU between QDB, QNB and QIB is the latest in a string of initiatives by QDB to promote economic diversity. Through providing capital, guarantees and advisory services, QDB aims to stimulate the local private sector and empower the manufacturers of non-oil and gas Qatari products.