Qatar Development Bank (QDB) announced the launch of a version of the “Al Dhameen” program for micro-enterprises, for the first time in the country.
Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
This contains guaranteeing 100 percent of the value of the financing, and enabling micro-enterprises to create their own credit history without requiring a contribution percentage from entrepreneurs.
The Acting CEO of QDB Abdulrahman Hesham Al Sowaidi, said that the launch of Al Dhameen program for micro-enterprises aims to strengthen the position of these companies.
This also opens new horizons for them, he added.
He noted the program will contribute to the development of the national business system in terms of access to financing.
Also, it will provide new financial channels for guarantees for micro-enterprises in cooperation with partner financial institutions.
He stressed that Al Dhameen program has achieved great success 10 years since its launch.
This includes enabling more than 350 small and medium companies to obtain guarantees worth more than QR 1 billion ($274 million)
Also, the updates witnessed by the program came to develop its conditions in line with the ambitions of entrepreneurs, he added.
QDB announced the introduction of updates to “Al Dhameen” program for small and medium-sized companies (a program that encourages partner banks to finance projects).
It is expected to attract promising start-ups and small and medium-sized companies seeking financing to develop their businesses.
QDB stated that these updates came based on reviews that included entrepreneurs and partner banks.
The bank reviewed the best international practices to identify aspects of development in the interest of both parties.
It facilitated the speed and clarity of procedures and improving the terms of guarantees.
