Doha: Qatar Development Bank (QDB) has announced the extension of the deadline for the transfer of outstanding credit facilities to its National Response Guarantee Program (NRGP) portfolio until Sept. 30, 2024, aimed at ensuring that all customers have the opportunity to apply for the program, which was designed to refinance outstanding credit facilities granted to customers by partner banks through the NRGP. In a statement on Sunday, QBD said that it has received 1,350 transfer requests since the program's launch in Oct. 2023. The program allows existing NRGP beneficiaries to apply to transfer their outstanding credit facilities from partner banks to the QDB portfolio according to newly outlined, streamlined conditions. All transferred facilities will be granted a new repayment period of up to 5 years, including a one-year grace period. The NRGP was launched under exceptional circumstances in 2020 to provide the necessary support to enable entrepreneurs in Qatar to overcome emerging challenges. Today, QDB pursues this mission and works on new initiatives to facilitate the growth and development of businesses so that they can effectively contribute to a prosperous Qatari economy. QDB launched the NRGP portfolio in 2020 in the wake of the COVID-19 outbreak to support the private sector by providing the necessary financial and economic assistance. The program allocated 100 percent guarantees for local banks through QDB, under the guidance of the Qatari government, with the aim of enabling private companies to meet short-term dues, including salaries and rent. Up to 4,200 companies benefited from the program, with the total value of guarantees issued reaching QR 3.6 billion. Source: Qatar News Agency
Related Posts
Bahrain All Share Index marks at 1,941.12 points
Bahrain All Share Index has closed at 1,941.12 points marking a decrease of 1.86 points below the previous closing.This decrease was due to the drop in the Communication Service Sector.Bahrain Islamic Index has closed at 725.29 points marking a decreas…
Cabinet Approves Determining Subsidized Goods and their Maximum Prices Decision
The Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani chaired the Cabinet’s regular…
Wall Street Journal: Rising Public Debt Not Priority for US Presidential Candidates
Although US public debt has risen to 123% of GDP from 108% in 2019, neither presumptive Republican presidential candidate Donald Trump nor Democratic President Joe Biden has given priority to reducing it, and there is little political pressure to act….