QDB Introduces 0% Short-Term Financing to Companies That Settled NRGP Loans

Doha: October 09 - Qatar Development Bank (QDB) launched an initiative to motivate existing Qatari companies that completely settled their loans under the National Response Guarantee Program (NRGP). QDB said in a statement the new initiative which grants companies zero interest rate short-term loans comes within the framework of the Amiri gesture and the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani that grant loan forgiveness for companies benefiting from the NRGP. The NRGP was introduced in 2020 to back the private sector amid the COVID-19 pandemic challenges, allocating 100 percent guarantees through Qatar Development Bank to local banks. The bank said it would communicate with the concerned companies to enable them to benefit from this initiative, which is considered a continuation of the private sector support plan in line with the third national development strategy. QDB previously launched its financing portfolio for the NRGP with the aim of supporting companies in transferring their cr edit facilities from partner banks and providing them with more flexible repayment terms. The bank continues its mission by providing private sector companies with products and services that streamline their growth and business development so that they can effectively participate in the prosperity of the national economy. Source: Qatar News Agency