Tripartite agreement for 'Jahiz l' funding

As a precursor to the expected launch  of its Jahiz I initiative – a programme dedicated to supporting a number of industrial sectors- 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. The industrial sectors that are expected to benefit from the Jahis I initiative include chemicals, plastics, wood materials, and electronics.
The respective signatories were Executive Director of Business Finance, QDB, Khalid Abdulla al-Mana; Assistant General Manager (AGM), SME Banking, QNB, Khaled Al Nuaimi; and WSG – GM, QIB, Tarek Youssef Fawzi.
As provided in the MoU, small and medium-sized enterprises(SMEs) participating in the Jahiz I initiative may now access finances up to 70 percent of the project value with a maximum limit of up to QR15m per project. Moreover, 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: "We are truly delighted to sign this agreement—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.” He added: "Through the signing of today’s MoU, QDB enlists the support of our national financial institutions to facilitate funding for Jahiz I projects. The development of our indigenous industrial ecosystem is in line with the larger objectives at QDB."
Assistant General Manager (AGM), SME Banking, QNB, Khaled Al-Nuaimi said: “We are proud to partner with Qatar Development Bank for the Jahiz I initiative. "We are confident that this project will become a strong driving force that will stimulate the private sector as envisioned in Qatar National Vision 2030.”
WSG – GM, QIB, Tarek Youssef Fawzi said: “The Jahiz I agreement exemplifies QIB’s commitment towards supporting the country’s economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of Qatar National Vision"