Qatar Development Bank (QDB) on Monday announced renewing its agreement with Qatar International Islamic Bank (QIIB) for the Al Dhameen programme portfolio, which enhances the expansion of financing for small and medium enterprises (SMEs).
“The results achieved by QIIB through Al Dhameen programme affirm the fact that such initiatives, built on effective cooperation between partners who aim to serve the national economy, have a unique outcome,” QIIB CEO Abdulbasit Ahmad Al-Shaibe said.
The QAR 100 million agreement is valid until 2020, QDB revealed.
Since the start of the Al Dhameen programme, QIIB and QDB have been active partners, achieving a 100% target on the portfolio programme and lending QAR 100 million to SMEs within Qatar.
“Al Dhameen portfolio is a QAR 100 million portfolio aimed at facilitating and speeding up approvals to guarantee the value of the funding provided by the partner bank to SMEs lacking sufficient guarantees,” according to QDB’s statement.