Qatar Development Bank (QDB) has signed a new memorandum of understanding (MoU) with Qatar National Bank (QNB) Group, the largest financial institution in the Middle East and Africa, to support Qatari exporters.
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 percent 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.
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 that 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,” Al Mana added.
Further, QDB, through its export development and promotion agency, Tasdeer, announced an expansion of its support for Qatari non-hydrocarbon exporters.
The new suite of solutions enhances the existing ‘Going Global’ product bundle, aimed at empowering local exporters and facilitating international buyers looking to import from Qatari companies, helping them compete in global markets.
