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Business and Finance

QDB Launches National Guarantee Program to Support Affected Private Companies

07 Apr, 2020 12:00 AMAl Watan Newspaper, Gulf TimesIntended Audience
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In implementation of the directives of His Highness the Amir Sheikh Tamim bin Hamad Al Thani to support and provide financial and economic incentives amounting to QR 75bn to the private sector and directives of HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, Qatar Development Bank (QDB), has launched the National Guarantee Program that provides guarantees to local banks to grant interest-free loans to affected private companies in cooperation with the Ministry of Finance and the Qatar Central Bank (QCB) and all banks operating in the country, in response to the implications of the spread of the Coronavirus (Covid-19).

The National Guarantee Program aims to support salaries and rents of companies in the private sector. QDB will manage and issue the guidelines for this program, while banks operating in the country will grant the financing on the basis of a guarantee from the QDB.

According to the QDB, companies wishing to benefit from the program are required to be fully owned by the private sector, and registered in the wage protection system in force in Qatar.

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