Doha, Qatar: Qatar Development Bank, represented by Tasdeer, its export development and promotion agency, announced that it is expanding its support to enable Qatari non-hydrocarbon exporters to compete in international markets through a new suite of solutions that builds on its ‘Going Global’ products bundle to empower local exporters and international buyers seeking to import from Qatari companies.

In this context, QDB announced the signing of a new memorandum of understanding with Qatar National Bank (QNB) Group, the largest financial institution in the Middle East and Africa. The partnership aligns QNB’s financial strength as well as its extensive international network and expertise in providing advanced products and solutions in regional and global banking markets with the pivotal role that QDB plays in terms of offering credit facilities to help Qatari exporters boost their exports, enhance their competitiveness and facilitate their access to global markets.

The MoU is expected to reflect positively on both parties. QNB will benefit from QDB’s export solutions, including the ‘Buyer’s Credit’ program, which provides long-term credit facilities to international buyers or international importers, with repayment terms based on the asset lifecycle as well as the country and borrower’s risk profile, to offer coverage of up to 90% of the contract value. QDB’s ‘Line of Credit’ program, on the other hand, provides low-cost financing to international buyers who purchase Qatari goods, covering up to 100 percent of the original facilities through direct financing or bank guarantees through international financial institutions operating in the buyer’s country of origin. Through these programs, QDB aims to boost Qatar’s exports by incentivizing international buyers to trade with Qatari exporters, in line with the bank’s strategy to foster Qatari exports across global markets. 

The latest collaboration with QNB marks a new milestone in QDB’s mission to secure Qatari exports. Through these financing solutions, QDB offers international importers of Qatari products new attractive options as opposed to the current financing solutions on offer in local or international markets, which translates into a strong competitive advantage for Qatari exporters, enhancing demand for Qatari products and enabling Qatari export-oriented businesses to secure the necessary partnerships with international buyers and expand regionally and internationally.

Mr. Khalid Abdulla Al Mana, Vice President of Enterprise Development at QDB, said the signing of the MoU with QNB falls in line with the bank’s strategic plan to support the Qatari export sector. “We aim to provide integrated solutions that enable Qatari exporters to tap new opportunities in international markets, which will reflect positively on their current and future projects. This cooperation also enables us to provide solutions that address the financing challenges which Qatari companies may face abroad.”

“These new initiatives fall in line with the updated business strategy that we recently unveiled with the launch of the new ‘Qatar Exports’ brand and the ‘Going Global’ bundle, which features a set of export financing and promotion solutions in global markets,” he added.

Khalid Ahmed Al-Sada, Senior Executive Vice President - Group Corporate and Institutional Banking at QNB Group, said: “This agreement reflects the depth of our fruitful partnership with Qatar Development Bank, enhancing our role in supporting national exports and local companies, and contributing to Qatar’s economic growth. QNB Group offers innovative financing services and solutions specifically designed to facilitate local and international trade and enhance the competitiveness of Qatari products and their reach across global markets, in an important step towards achieving Qatar National Vision 2030.”

QDB’s promising partnership with QNB will benefit both Qatari exporters and contractors undertaking international projects, with the new financial solutions and tools expected to bolster confidence among trading partners to expand their commercial activities, which will in turn enable Qatari businesses to boost their competitiveness in global markets and expand their international customer base.

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 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. 

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.