Officials at the launch of the credit policy.
DOHA: Aiming at achieving food security by promoting agriculture and allied activities in the energy-rich country, Qatar Development Bank (QDB) yesterday announced the launch of a cheaper credit policy for farm owners at one percent rate of interest.
The scheme has been launched in cooperation with the Ministry of Environment and Widam (Qatar Company for Meat and Livestock Trading).
The Shariah-compliant product provides small farm owners with loans of up to QR250,000, with a payment period of up to five years.
It also provides big farm owners with loans of up to QR750,000, with a payment period of up to eight years.
Sheikh Abdulla bin Saud Al Thani, Chairman of QDB, said that in line with the National Vision 2030, QDB has launched the scheme targeting Qatari farm owners, aimed at purchasing and raising livestock, which complements the country’s vision to guarantee food security. It is in line with QDB’s plans to support private companies and Qatari businessmen in various sectors to achieve economic diversification and promote Qatari products internationally.
QDB offers other services related to the food security strategy, as it financially supported projects in livestock, fish and agriculture.
Abdulaziz bin Nasser Al Khalifa, QDB CEO, said: “QDB started this initiative a year ago. During that period, the bank cooperated with the Ministry of Environment since it is the main supporter in this sector, and Widam, given the major role it plays in the local market, and in carrying out a comprehensive study of support mechanisms and implementation methods.
“Our partnership serves as an excellent example of efficient cooperation between the public and private sectors under the supervision of the ministry, and in cooperation with Widam. We also appreciate the constant support provided by the Ministry of Economy and Commerce.”
Farhood Hadi Al Hajri, Deputy Manager of Livestock Management and Head of the Technical Committee of Livestock Projects at the Ministry of Environment, said: “I express my gratitude to QDB and Widam for their efforts to support livestock projects and farm owners. These efforts helped shape the scheme which will contribute to supporting local production.”
Yousif Muhammad Saleh Al Awadi, General Manager of Widam, said: “Based on expertise in the sector, our company’s mission is to provide high-quality livestock suitable for Qatar’s climate to be raised in accordance with the highest standards. Widam is always keen to work with stakeholders to maintain the trust and confidence it has gained over the years.” QDB will also organise training and workshops in cooperation with the Ministry of Environment.