DOHA: Qatar Development Bank (QDB), represented by Tasdeer, its export development and promotion agency, announced the signing of a new memorandum of understanding with Qatar National Bank (QNB) Group to enable Qatari non-hydrocarbon exporters to compete in international markets.
The MoU is expected to reflect positively on both parties. QNB will benefit from QDBs export solutions, including the Buyers 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 borrowers risk profile, to offer coverage of up to 90% of the contract value. QDBs 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 buyers country of origin.
QDB said in a press release that this collaboration with QNB marks a new milestone in its 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.
Vice President of Enterprise Development at QDB, Khalid Abdulla Al Mana said the signing of the MoU with QNB falls in line with the banks 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.
For his part, Senior Executive Vice President - Group Corporate and Institutional Banking at QNB Group, Khalid Ahmed Al-Sada 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 Qatars 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."
QDBs 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.
