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Posted On: 29 March 2020 10:22 pm
Updated On: 13 April 2020 06:25 am

H.H. the Amir directs to allocate QR3 billion as loan guarantees to support firms in Qatar

Khadiza Begum
Khadiza Begum
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Qatar-amir

Upon the directives of H.H. the Amir Sheikh Tamim bin Hamad Al -Thani, to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the coronavirus (Covid-19), and HH the Amir's directives to support and provide financial and economic incentives, amounting to QR 75 billion for the private sector, HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al -Thani, directed to allocate guarantees to local banks at an amount of QR 3 billion .

Qatar Central Bank (QCB) said in a statement that the amount of QR 3 billion comes within the support package for granting soft loans and without commissions or fees for the affected companies to support salaries and rents through guarantees issued by Qatar Development Bank (QDB) to banks operating in the State.

Qatar Central Bank (QCB) in cooperation with the Qatar Development Bank (QDB), will set standards and mechanisms for implementation.

(Source: QNA)