More than 4,000 customers have applied online under the national response guarantee programme being administered by the Qatar Development Bank (QDB), which has so far allocated guarantees QR3.2bn to local banks, according to a top official of the QDB.
In order to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the coronavirus (Covid-19); government had directed to allocate guarantees to local banks at an amount of QR5bn, QDB executive director (Business Finance) Khalid Abdulla al-Mana told a webinar organised by Doha Bank.
"More than 4,000 customers have applied for the programme without face to face interaction" as the process has been digitalised since QDB took up digitisation as a priority area, he said at the webinar 'Economic Development in Qatar and Opportunities'.
The national guarantee programme is a 100% guarantee scheme of the government to help mitigate the Covid-19 impacts faced by the private sector and includes staff payroll-salaries and rental fees.
"We have now deployed around QR3.2bn out of the QR5bn and we are continuing to receive applications and will continue to receive until the end of September this year," he said, adding that digitisation has speeded up the process and efficiency in the system.
The guarantee will be issued for a period of up to four years to cover bank financing of beneficiary companies, through two years grace period and two years of repayment period.
The QDB has taken a "holistic" approach in its response to "neutralise" the pandemic impact on the local SMEs or small and medium enterprises, he said, adding it has introduced several initiatives and programmes to bolster the recovery efforts.
In support to the private sector, he said with the support of the Ministry of Finance, the QDB has been providing relief such as rescheduling of the loans during the pandemic as well as administering the national guarantee programme.
Stressing that digitisation has been its focus area even before the pandemic; al-Mana said it was the reason why QDB had launched its 'NUMU' digital platform where direct financing was made easy for manufacturing and industrial businesses.
Presenting the performance in 2020; he said QDB witnessed a 9% year-on-year growth in direct lending to QR7.31bn; 18% in export financing to QR1.27bn and 20% in capital invested in the small and medium enterprises to QR59mn.
Sounding bullish on Qatar, he said the economy is recovering greatly in 2021 with a forecasted growth of around 2.5%.
In order to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the coronavirus (Covid-19); government had directed to allocate guarantees to local banks at an amount of QR5bn, QDB executive director (Business Finance) Khalid Abdulla al-Mana told a webinar organised by Doha Bank.
"More than 4,000 customers have applied for the programme without face to face interaction" as the process has been digitalised since QDB took up digitisation as a priority area, he said at the webinar 'Economic Development in Qatar and Opportunities'.
The national guarantee programme is a 100% guarantee scheme of the government to help mitigate the Covid-19 impacts faced by the private sector and includes staff payroll-salaries and rental fees.
"We have now deployed around QR3.2bn out of the QR5bn and we are continuing to receive applications and will continue to receive until the end of September this year," he said, adding that digitisation has speeded up the process and efficiency in the system.
The guarantee will be issued for a period of up to four years to cover bank financing of beneficiary companies, through two years grace period and two years of repayment period.
The QDB has taken a "holistic" approach in its response to "neutralise" the pandemic impact on the local SMEs or small and medium enterprises, he said, adding it has introduced several initiatives and programmes to bolster the recovery efforts.
In support to the private sector, he said with the support of the Ministry of Finance, the QDB has been providing relief such as rescheduling of the loans during the pandemic as well as administering the national guarantee programme.
Stressing that digitisation has been its focus area even before the pandemic; al-Mana said it was the reason why QDB had launched its 'NUMU' digital platform where direct financing was made easy for manufacturing and industrial businesses.
Presenting the performance in 2020; he said QDB witnessed a 9% year-on-year growth in direct lending to QR7.31bn; 18% in export financing to QR1.27bn and 20% in capital invested in the small and medium enterprises to QR59mn.
Sounding bullish on Qatar, he said the economy is recovering greatly in 2021 with a forecasted growth of around 2.5%.
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