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QDB signs MoU with ICD to boost SMEs in Qatar

Qatar Development Bank and The Islamic Corporation for the Development of the Private Sector signed the MoU to boost SMEs in Qatar

Khaled Mohammed Al-Aboodi (left), Chief Executive Officer and General Manager of ICD; and Abdulaziz Nasser Al Khalifa, Chief Executive Officer of QDB, shake hands after the signing of MoU (image: Saudi Gazette)
Khaled Mohammed Al-Aboodi (left), Chief Executive Officer and General Manager of ICD; and Abdulaziz Nasser Al Khalifa, Chief Executive Officer of QDB, shake hands after the signing of MoU (image: Saudi Gazette)

Qatar Development Bank (QDB) has signed a memorandum of understanding (MoU) with The Islamic Corporation for the Development of the Private Sector (ICD) to boost SMEs in Qatar.

The agreement is a joint strategic cooperation in examining inventive means and prospects to support small-and-medium enterprises (SMEs) in Qatar, the Saudi Gazette reported.

The MoU was signed by Khaled Mohammed Al-Aboodi, the chief executive officer and general manager of the ICD, and Abdulaziz Nasser Al Khalifa, the chief executive officer of QDB.

Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank, said, “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 the local SMEs, especially in providing funds to this important and vital sector, in order to develop the skills of the Qatari entrepreneurs and empower them to grow and compete successfully in the regional markets, in accordance with international standards.”

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

The formation of a work group comprising key stakeholders and experts from each party will work on the viability of co-developing an investment and financing vehicle to focus on assisting and developing SMEs and local businesses.

The initial work will include concept design, market analysis, structure and governance, as well as potential positioning and product development.

During the signing ceremony, Khaled Al-Aboodi, the CEO of ICD, said, “ICD and QDB share a mission of supporting the private sector, in particular SMEs.

"We look forward to enhancing our cooperation through this new and innovative initiative as there are great opportunities for local businesses to benefit.”

 

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