DOHA: Qatar Development Bank (QDB) and the Supreme Education Council (SEC) Monday announced launch of new loans to finance educational projects in Qatar.
QDB will offer direct loan and competitive financing to the private sector in educational projects involving preschools, primary and secondary schools, the bank said today.
The services include financing construction of new facilities, expanding existing facilities, furnishing, equipment, and vehicles used for educational purposes.
A reasonable grace period and competitive installment scheme will be applied, the bank said today.
QDB CEO AbdulAziz Bin Nasser Al Khalifa reiterated the bank's role in supporting projects in all sectors, especially educational.
Commenting on the new initiative, Al Khalifa said, "Education is one of the main sectors in Qatar's development plans. We believe that enhancing this sector is the key to realizing any achievement. We will always provide financial and consultation support to take this sector to the next level."
QDB co-ordinates with SEC and the Ministry of Higher Education in order to provide suitable financing solutions for the education sector. A committee comprising members from QDB, SEC, and the Ministry of Higher Education is set up for this purpose, the bank said.
QDB's interest revolves around financing educational sector from pre-school to university.
QDB's direct loans have a maximum tenor of 15 years, which also includes a three-year grace period.
The finance can represent up to 70 percent of the overall project, with 3 percent - 4 percent annual interest rate and a one-off 1 percent management fee.
To apply for a loan, a written application should be presented to the SEC, accompanied with the feasibility study reviewed by specialized consultants, or an audited banking statement for the past three years, the bank said. (QNA)