QDB launches National Guarantee Program to support private firms

QDB launches National Guarantee Program to support private firms

By QLNews

To protect the health and safety of its citizens and residents, Qatar has taken a series of measures in its fight against the novel coronavirus (COVID-19). 

The measures have led to the temporary closure of several facilities and services. As most people continue to stay and work from home amid the situation, the challenging times have also seen many praiseworthy initiatives. 

Last week, His Excellency the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani directed the allocation of guarantees amounting to QR3 billion to local banks.

This came under the directives of His Highness the Amir Sheikh Tamim bin Hamad Al Thani to support the economic and financial sector with a financial assistance package worth QR 75 billion.

Now, the Qatar Development Bank (QDB) has announced the launch of the National Guarantee Program developed to provide guarantees to local banks. Under these guarantees, local banks will be able to grant interest-free loans to private companies impacted by the COVID-19 challenge. 

The program is being implemented in cooperation with the Ministry of Finance and the Qatar Central Bank (QCB) and all banks operating in the country.

The aim of the National Guarantee Program is to support salaries and rents of companies in the private sector.

The relevant guidelines will be managed and issued by QDB. The other local banks operating in Qatar will grant the financing based on a guarantee from QDB.

Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer (CEO) of QDB, said the launch of this program to respond to the consequences of COVID-19, in cooperation with the Ministry of Finance and the Qatar Central Bank and all commercial and Islamic banks in Qatar, builds on Qatar's efforts to provide all types of support for SMEs and various components of the private sector in the country amid current circumstances.

The program will give private companies great ability to face the economic effects associated with the repercussions of the pandemic, he added.

It will also help support private firms to continue to work in a manner that does not affect the general course of their commercial operations, enabling them to continue as usual once the COVID-19 challenge is defeated. 

According to the QDB, the program will benefit companies fully owned by the private sector and registered in the wage protection system in force in Qatar.

In terms of application, QDB said official representatives of the companies should communicate with the commercial and Islamic banks in which their accounts are registered for the wages protection system. They should submit requests for benefits exclusively through commercial and Islamic banks operating in the country.

QDB will provide 100 percent guarantee to the commercial and Islamic banks granting the financing without any fees or commission being charged for the grace period, provided that the financing is paid by the beneficiary company to the commercial and Islamic donor banks within a maximum of three years, including a one-year grace period.

For more information and other details regarding the program, click here. 

Meanwhile, health authorities in the country continue to implement the highest level of monitoring, detection, and management procedures to deal with the virus, the public has been advised to follow certain measures to safeguard their health.

For any queries, or concerns related to COVID-19 in Qatar, the public can contact a 24/7 hotline set up by the Ministry. The hotline number is 16000 and is toll-free.

Here's everything you need to know about the virus, including ways to protect yourself. 

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Source: QNA
Cover Image Credit: The Peninsula
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By All Metals• 1 year 5 days ago.
All Metals

what about people like us

who has lost job from past 3 months we r sitting home n finding hard to continue (Cannot go back Home-no income)

#

By Khanbacha• 1 year 5 days ago.
Khanbacha

Qatar is richist country in the world inshAllah king will provide food and free acomodation alownce soon ..

By Khanbacha• 1 year 5 days ago.
Khanbacha

Qatar is richist country in the world inshAllah king will provide food and free acomodation alownce soon ..

By Trimbrookjack• 1 year 5 days ago.
Trimbrookjack

Whilst this is an admiral effort to assist it only helps those companies that are still working. What about all the service businesses that were directed to close down and have hundreds of employees still desperate for a badic salary.

Other countries are offering to cover badic salaries or part thereof totally paid by the governments.

This program is a loan program that doesn't help businesses at all. It is just offering to load more debt on to already grief stricken businesses.

Come on Qatar, we can do better than this.

This

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