Qatar Development Bank (QDB) and the Islamic Corporation for the Development of the Private Sector (ICD) announced a new agreement Monday to work together in developing ways to support small and medium-sized enterprises (SMEs) in Qatar.
QDB and ICD will share resources and knowledge on the SME sector in Qatar and will also work together to develop a new type of investment financing designed to meet the needs of local SMEs. QDB and ICD will begin by drafting concepts, conducting market analysis and designing the structure of the new financing device.
"We are delighted to partner with the Islamic Corporation for the Development of the Private Sector, which includes in its membership a number of countries that strive to offer all assistance to young entrepreneurs," Qatar Development Bank CEO Abdulaziz Bin Nasser Al-Khalifa said. "Qatar Development Bank 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 programs and find the best applicable ways to utilize the findings in supporting the local SMEs."
QDB is a government-owned development organization focused on stimulating economic growth in Qatar.
The ICD is part of the Islamic Development Bank Group, with $4 billion in capital. The group works to support private sector growth in its 56 member countries throughout the Middle East, Africa and Southeast Asia.