Qatar is taking all measures and is stepping up efforts to provide all types of support to the private sector. This was evident when Qatar Development Bank (QDB) launched the National Guarantee Program to provide guarantees for local banks to grant loans to affected companies, in response to the implications of the spread of the novel coronavirus.
The Program came in implementation of the directives of Amir H H Sheikh Tamim bin Hamad Al Thani to support and provide financial and economic incentives amounting to QR75bn to the private sector, and the directives of the Prime Minister and Minister of Interior, H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani to allocate QR3bn guarantees for local banks.
Qatar Development Bank Chief Executive Officer Abdulaziz bin Nasser Al Khalifa said the program, in cooperation with the Ministry of Finance and Qatar Central Bank and all banks operating in the country, will give private companies a great ability to face the economic effects associated with the repercussions of the pandemic, and will ensure that they continue to work in a manner that does not affect the general course of their commercial operations, which will give them a greater ability to continue after the difficulties associated with the current circumstances.
Recently, the Qatar Chamber (QC) formed emergency committee to follow economic developments related to the coronavirus crisis and to be a focal point between companies and government bodies. QC Chairman, Sheikh Khalifa bin Jassim Al Thani appreciated the directives issued by the wise leadership to the Supreme Committee for Crisis Management to provide financial and economic incentives amounting to QR75bn to the private sector, as well as directives to direct banks to postpone installments, exempt some sectors from electricity and water fees and exemption of rents for the logistical areas and small and medium industries for a period of six months.
It must be mentioned that in February, the Ministry of Commerce and Industry in cooperation with Qatar Development Bank, announced the launch of an innovative “Land and Industrial Loan” initiative.
Launched under the guidance of H E the Prime Minister and Minister of Interior, the initiative was in the context of the State’s ongoing efforts to improve the ease of doing business in Qatar and to bolster the investment environment for owners of small and medium enterprises and entrepreneurs. All these initiatives aim to enhance the ability of the private sector to absorb the impact of pandemic on the sector’s activities.
