The International Bank of Qatar (IBQ) has joined jands with Qatar Development Bank (QDB) to support its program for small and medium enterprises (SME) sector.

The Al Dhameen Indirect Lending Program program is aimed at enhancing the SME industry and Qatar's economic fundamentals, said a QDB statement.

The program guarantees up to 75 per cent of outstanding principal to a maximum value of QR8 million for existing SMEs and 85 per cent of outstanding principal to a  maximum of QR10 million for new SMEs or start-up companies, the statement added.

Mansour Ibrahim Al-Mahmoud, chief executive officer of QDB and George Nasra, managing director of IBQ signed the agreement at the QDB head office.

"QDB had established the Al Dhameen program to offer a range of financing solutions to viable SMEs. It is designed to improve access to financing for SME’s by guaranteeing part of the financing extended by commercial banks," said Al Mahmoud.

"We're very happy to have IBQ as one of Al Dhameen's partners. It certainly adds considerable value to our existing partnerships. Additionally, it also helps existing SMEs grow into larger and more significant businesses by providing them with greater access to financing for investments and working capital," he added.

Nasra said, "We, at IBQ, are strongly committed to participate in the growth of the Qatari economy by supporting local SMEs and providing required finance solutions, particularly in light of the number of new project coming on stream as a result of the World Cup 2022, which are estimated at over $70 billion."

The Al Dhameen program was designed to develop high-priority sectors, such as manufacturing and knowledge-driven systems that are in-line with the Qatar National Vision 2030.-TradeArabia News Service