QDB Provided Financial Guarantees of QR 1.2 Billion for SMEs in Qatar During 2023

Doha, January 08 (QNA) - Qatar Development Bank (QDB) announced that it has provided financing guarantees amounting to QR 1.2 billion in 2023 to small and medium-sized enterprises (SMEs) in the State of Qatar, as part of its endeavor to provide the best financing solutions and supportive credit options to enable entrepreneurs to participate effectively in the Qatari economy and help enrich and diversify it. QDB stated Monday that the number of companies benefiting from its direct and indirect credit financing during the past year reached 1,155 SMEs, while the number of startup companies in which the bank invests reached more than 140 companies supported by direct and indirect investments. The value of capital invested and spent in startup companies reached QR 92 million, with a growth rate of 24 percent. The bank's financing portfolio has grown to QR 6.7 billion of direct loans due. The total direct financing facilities disbursed during 2023 increased to QR 1.162 billion, a growth rate of 21 percent, QDB revealed. In another context, QDB explained that its support this year was not limited to the entrepreneurial system and its pioneers, as the bank has completed its work aimed at supporting and developing government projects by providing more housing loans, which aim to serve the Qatari community and provide the best possible means for its well-being. The value of the loans disbursed reached QR 27 billion which have been provided over the past years and are still being provided to more than 36,000 clients. The bank stated that it contributed to the localization of many new opportunities for male and female entrepreneurs by providing them with local purchasing opportunities in many bilateral meetings, which contributed to generating opportunities worth QR 501 million, with a growth rate of 87 percent over the previous year. QDB additionally presented a number of training sessions and specialized workshops on the localization of supply chains and procurement, with a growth rate of 197 percent compared to 2022. The bank also worked on preparing and publishing 28 industrial reports and a specialized study on entrepreneurship that was made available to the national business system and its entrepreneurs to support them in their path. In the field of business development and advancement, QDB said that it has continued its efforts to provide more than 6,000 entrepreneurs with the latest knowledge and expertise, through a series of training programs, workshops, and specialized sessions located in its business incubators and accelerators that specialize in business development, incubating entrepreneurial ideas, and helping them launch and reach success. During 2023, the business incubators and accelerators through their various programs embraced more than 550 startup companies and male and female entrepreneurs. QDB also honored innovative pioneers through a number of competitions and prizes that are held annually to spread entrepreneurial culture, enhance ways of innovation and creativity, and encourage and motivate pioneers to share their work and projects. The bank's competitions during 2023 received more than 2,000 applications from companies in the private sector, male and female entrepreneurs, and startup companies in the State of Qatar and the region. This especially came after hosting the 3rd GCC Entrepreneurship Forum and launching the ROWAD Hackathon for the first time within the activities of the 9th edition of the ROWAD Conference, which is presented by QDB to be the most prominent pioneering platform for Qatari entrepreneurs.