QDB signs MoU with ICD to share expertise and support SMEs in Qatar

Qatar Development Bank (QDB) has signed an MoU with The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group. The agreement is a joint strategic collaboration in examining innovative means and opportunities to support SMEs in Qatar.

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The MoU commits the two institutions to share knowledge and expertise relating to the SME sector in Qatar. Strategy session

A work group composed of key stakeholders and experts from each party will be formed in order to work on the feasibility of co-developing an investment and financing vehicle that will focus on supporting and developing SMEs and local businesses.

Preliminary work

The preliminary work to be undertaken by the joint parties will cover, although be not limited to, concept design, market analysis, structure and governance, as well as potential positioning and product development. The MoU will enhance the ability of both organisations to achieve their respective objectives and mandate.

QDB CEO Abdulaziz bin Nasser Al Khalifa said: “QDB aims to empower local SMEs and entrepreneurs to help achieve Qatar’s National Vision 2030. Through this memorandum, QDB will conduct a compatibility study for The Islamic Corporation for the Development of the Private Sector (ICD) programmes and find the best applicable ways to utilise the findings in supporting local SMEs, especially in providing funds to this important and vital sector.”

This would develop the skills of Qatari entrepreneurs and empower them to grow and compete successfully in regional markets in accordance with international standards, he said.

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