By Shane McGinley
State-owned bank starts scheme to aid Qatari companies struggling to raise capital
Bank (QDB) has introduced a new loan scheme aimed at small and medium sized
companies unable to access alternative credit sources, the lender has announced.
The scheme, named Al
Dhameen, is a loan assurance programme and is designed to aid Qatari companies
struggling to raise capital, according to a report by The Peninsula newspaper on
“Al Dhameen was
created to remove all obstacles the small to medium enterprise sector are
facing. This programme was specifically designed by QDB to support and encourage
private initiatives, especially new businesses that require substantial
support,” QDB’s CEO Mansour bin Ibrahim Al Mahmoud told the
Capital raised as
part of the scheme is provided by partner banks and will be guaranteed by QDB.
Al Mahmoud said he
hoped there would be enough banks interesting in joining the scheme by the first
quarter of 2011.
Al Dhameen is a pilot
scheme and is the first of its kind to be launched in Qatar, the report
Companies from a wide
range of sectors are eligible to apply for financing but must have not have a
turnover exceeding QR40m ($10.9m).