Global Arab Network | Doha Bank And Qatar Development Bank boost Small and Medium Enterprises

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Doha Bank And Qatar Development Bank boost Small and Medium Enterprises

Global Arab Network - - Mohammed Almasri

Tuesday, 01 March 2011 18:13

Qatar (Doha) - Doha Bank said Tuesday that it has signed a Memorandum of Understanding (MoU) with Qatar Development Bank (QDB) to boost Small and Medium Enterprises (SME) sector in Qatar. Doha Bank Group CEO R Seetharaman and QDB CEO Mansoor bin Ibrahim Al Mahmoud signed the MoU at QDB headquarters here.

Head of Wholesale Banking Dag Karl Hellmuth Reichel and Head-SME Banking Deepthie Yatiyawela were among officials who attended the event.
Working in partnership with QDB, Doha Bank will utilise the specifically designed Al Dhameen Finance Assurance scheme to support and boost the activities of the SMEs in Qatar.

Al Dhameem aims at supporting both new and existing projects in the SMEs, conforming with Qatar National Vision 2030, and provides varied financing options by guaranteeing bank lending.

The scheme primarily targets SMEs with an annual revenue turnover limited to QR 40 Million. For new projects, the programme guarantees 85% of the facility up to QR 10 Million.

For existing eligible SMEs, the programme guarantees 75% of the principal with the maximum financing available capped at QR 8 Million. The tenor for funding both new and existing SMEs has been fixed at five years for long-term and one year for short term funding.

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