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QAR 3.0 Billion to Stimulate Local Banks Granting Soft
Financing to Impacted Businesses
30 March 2020
Following the directives of HH the Amir Sheikh Tamim bin Hamad Al
Thani, to backup the economic and financial sector within the context of
the precautionary measures taken to combat the spread of the
coronavirus, and based on the directive of HH the Amir to extend
government economic stimulus of QR 75.0 billion to the private sector,
HE the Prime Minister and Minister of Interior, Sheikh Khalid bin
Khalifa bin Abdulaziz Al –Thani addressed for the allocation of QAR 3.0
billion on the form of banking guarantees to be issued by Qatar
Development Bank in favor of banks operating within the country to
support the impacted businesses.
Qatar Central Bank ‘QCB’ said in a statement that this step comes
within the context of the government stimulus to extend soft loans free
of interests or charges to the impacted businesses to help them maintain
the payment of salaries and rents through banking guarantees to be
issued by Qatar Development Bank ‘QDB’ to the local banks operating in
the country. Qatar Central Bank in cooperation with Qatar Development
Bank will set the standards and mechanisms needed for the implementation
of this stimulus.