Doha, Qatar: Qatar Development Bank has announced the extension of the deadline for the transfer of outstanding credit facilities to its National Response Guarantee Program (NRGP) portfolio until September 30, 2024. The move is aimed at ensuring that all customers have the opportunity to apply for the program, which was designed to refinance outstanding credit facilities granted to customers by partner banks through the NRGP.

The bank has received 1,350 transfer requests since the program’s launch in October 2023. The program allows existing NRGP beneficiaries to apply to transfer their outstanding credit facilities from partner banks to the QDB portfolio according to newly outlined, streamlined conditions. All transferred facilities will be granted a new repayment period of up to 5 years, including a one-year grace period.

The National Response Guarantee Program was launched under exceptional circumstances in 2020 to provide the necessary support to enable entrepreneurs in Qatar to overcome emerging challenges. Today, QDB pursues this mission and work on new initiatives to facilitate the growth and development of businesses so that they can effectively contribute to a prosperous Qatari economy.

QDB launched the NRGP portfolio in 2020 in the wake of the Covid-19 outbreak to support the private sector by providing the necessary financial and economic assistance. The program allocated 100% guarantees for local banks through Qatar Development Bank, under the guidance of the Qatari government, with the aim of enabling private companies to meet short-term dues, including salaries and rent. Up to 4,200 companies benefited from the program, with the total value of guarantees issued reaching QR 3.6 billion.

To learn more on how to apply for the program to transfer outstanding credit facilities, please contact the National Guarantees Program hotline 44300000 followed by extension number (1) or visit QDB’s website: https://www.qdb.qa

About Qatar Development Bank (QDB)

Qatar Development Bank (QDB) was established in 1997 as the Qatar Industrial Development Bank, a 100% government-owned developmental organization. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for the private sector.

QDB has achieved significant milestones in recent years, playing a chief role in growing Qatar’s private sector. QDB has also played an integral role in stimulating national economic and social development, through funding a variety of local projects and providing support to the private sector through a range of innovative services. By adopting this strategy, QDB has contributed to empowering Qatari entrepreneurs, improving the standard of living, as well as allowing Qatari entrepreneurs to benefit from a wide range of promising investment opportunities, and to develop their exporting potentials while supporting their entry to new international markets.

QDB’s strategy is entirely in line with the Qatar National Vision 2030. It is focused on promoting and facilitating the growth of the private sector in key economic sectors, with the aim of building a diversified, sustainable economy.

QDB aims to promote entrepreneurship spirit within the private sector in Qatar through providing the necessary services that shall ease the growth, development, and diversification of this sector. In doing so, QDB offers access to information, incubation, and capabilities to SMEs, in addition to access to capital through direct and indirect financial services, investment and access to local markets, and access to international markets for Qatari exporters though export insurance and funding services.