DOHA: The Qatar Development Bank (QDB), a state-owned financial institution, disbursed about QR3bn housing loans to citizens last year, according to a senior official of the bank.
“We disbursed over QR3bn housing loans in 2012. There is no waiting list of people seeking housing loans. It takes only two days to complete the whole procedure to sanction a housing loan,” Mansour bin Ibrhaim Al Mahmoud, Chief Executive Officer (CEO) of QDB was quoted as saying by Al Arab yesterday.
The doors of QDB are still open for the citizens seeking housing loans. Those who are willing to build homes can always come and apply, the bank is ready to grant loans, said Al Mahmoud.
Al Mahmoud was speaking to the daily on the sidelines of the inaugural ceremony of the ‘Made-in-Qatar’ exhibition that concluded here recently.
QDB has earmarked QR1.5bn for the industrial sector and QR1bn for the agriculture and tourism sectors, he added.
The Bank, according to him, is committed to encouraging and facilitating the growth of non-hydrocarbon sector businesses.
“QDB is putting special focus on growth and development of the non-hydrocarbon industries and businesses, and for that we are allocating about 50 percent of our financial resources. This reflects QDB’s priority for the diversification of the Qatari economy,” said Al Mahmoud.
The bank’s support for the industry is not limited to providing financial assistance only; it also extends support to businesses to produce, market and export commodities.
Asked for his comment about the, reportedly, high rate of interest, he said: “We charge only three percent rate of interest which is subsidised and inexpensive for a loan with a repayment period of over 15 years.”
The Peninsula
