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Posted On: 1 May 2008 12:19 pm
Updated On: 3 April 2019 12:47 pm

Qatar Development Bank to boost farm financing

Khalifa Al Haroon
Khalifa Al Haroon
Your friendly neighborhood Qatari
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Doha - The Qatar Development Bank (QDB)Qatar Development Bank (QDB)'s capital increase to QR10bn will set the bank in a stronger position to provide financing newer sectors, particularly agriculture, livestock and fisheries, according to a senior bank official. QDBQDBQatar Development Bank News | Profile | Officers » Research General Manager, Sheikh Hamad bin Nasser Al Thani told reporters yesterday the bank has signed recently a memorandum of understanding (MoU) with the Ministry of Municipal Affairs and Agriculture on granting loans to finance development projects in these sectors. He said QDBQDBQatar Development Bank News | Profile | Officers » Research has received a number of applications for financing such development projects and that the bank coordinates with the Ministry of Municipal Affairs and Agriculture for their evaluation before approval. "Agriculture is very important in terms of ensuring food security. The other important aspect is that there is a need to use technology to develop the productivity of this sector," said Sheikh Hamad Bin Nasser. He said the agricultural sector in Qatar represents only one percent of the country's Gross Domestic Product (GDP) which is very modest. "This is a very modest contribution to the GDP and we want to increase this percentage and get more input from this sector, thus diversifying the economy," he said. He said QDBQDBQatar Development Bank News | Profile | Officers » Research is also expected to sign an MoU with the country's tourism authorities soon on prospects for supporting development projects in the sector. Last year QDBQDBQatar Development Bank News | Profile | Officers » Research extended financing worth QR 110m for new industrial projects and expansion of existing projects. It has also provided facility totaling QR 25m for raw materials import dedicated for eight projects. QDBQDBQatar Development Bank News | Profile | Officers » Research Chairman, H E Sheikh Abdullah Bin Saud Al Thani said at the bank's Annual General Meeting which was held here yesterday QDBQDBQatar Development Bank News | Profile | Officers » Research which is undergoing a revamp has seen last year the expansion of its board of directors with new experienced members joining. Sheikh Abdullah termed the increase of the bank's capital to QR 10bn as a positive step that would allow QDBQDBQatar Development Bank News | Profile | Officers » Research to play a leading role in the development of various sectors. "With new board members joining and the increase of the capital, QDBQDBQatar Development Bank News | Profile | Officers » Research will work on developing other sectors, including agriculture, fisheries, livestock, tourism, health and education," he said. QDBQDBQatar Development Bank News | Profile | Officers » Research recorded net profits of QR 19.9m for the year ended December 3, 2007. The bank's total assets rose 23 percent to QR 1.68bn in 2007 as compared to QR 391.9m in the corresponding period in 2006. Due from banks and other financial institutions totaled QR 1.28bn, while loans and advances to customers rose by 18 percent to approximately QR 135m. © The Peninsula 2008