DOHA: 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 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 Nasser Al Khalifa said: “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.”
Khaled Al Aboodi said: “ICD and QDB share a mission of supporting the private sector, in particular SMEs.”
