Qatar Development Bank, signs memorandum of understanding with Islamic Corporation for the Development of the Private Sector to bolster development and growth of small and medium enterprises in Qatar
QATAR Development Bank, QDB, has signed a memorandum of understanding, MoU, with the Islamic Corporation for the Development of the Private Sector, ICD, the private sector arm of Islamic Development Bank, IDB, Group. The new agreement is a joint strategic collaboration in examining innovative means and opportunities to support small-and-medium enterprises, SMEs, in Qatar.
The MoU commits the two institutions to share knowledge and expertise relating to the SME sector in Qatar. 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. The preliminary work to be undertaken by the joint parties will cover, although be not limited to, the following: 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 its respective objectives and mandate.
The MoU was signed by Khaled Mohammed Al-Aboodi, chief executive officer and general manager of the ICD, Abdulaziz Nasser Al Khalifa, the chief executive officer of QDB.
Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank, said: “We are delighted to partner with the Islamic Corporation for the Development of the Private Sector, ICD, which includes in its membership a number of countries that strive to offer all assistance to young entrepreneurs. 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, 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.”
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.”
Qatar Development Bank was established in 1997 as the Qatar Industrial Development Bank, a 100 percent government-owned developmental organisation. Its primary aim was to develop investments within local industries, thereby accelerating growth and economic diversification in Qatar through support for private sector.
ICD is a multilateral organisation and a member of the Islamic Development Bank, IDB, Group. ICD has an authorised capital of $4 billion. Currently, the shareholders of ICD are the IDB, 52 member countries and five public financial institutions. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’a.
— Feb 1, 2016 @ 15:55 GMT