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Qatar Development Bank (QDB) has launched a new financing product specialized in the solutions of digitization and technological tools to develop small and medium sized enterprises (SMEs). This aims to bolster the spirit of innovation and development for these enterprises. 

QDB said, in a statement yesterday, that this move would bolster the digital transformation journey led by QDB in the national entrepreneurship system. QDB added that the move would support private companies to upgrade the levels of machinery technologies and current systems in order to increase productivity and improve the efficiency of business operations.  

Under this step, the Bank will finance the acquisition of devices according to company business sector. They, for example, include smart devices, or robots, automation devices and sensors and everything included in this list, or computing programs, such as information technology systems, or different high productivity programs, whether they are cloud programming, or servers, or storage spaces, or digital payment solutions and the technology of the augmented virtual reality. This also includes the systems of enhancing the cybersecurity programs. 

Mr. Abdulrahman bin Hisham Al Suwaidi, QDB Acting Chief Executive Officer, emphasized the importance of this kind of financing in the current era, saying that QDB is working on bolstering the digital environment for SMEs with all their sectors, since this kind of financing fulfills an existing need in the national business environment.