The MoU was signed by Mr. Abdul-Aziz Bin Nasser Al Khalifa, executive manager for strategic planning of QDB and Mr. Abdulla Al Raisi Deputy Chief Executive Officer, Commercialbank. The signing ceremony was attended by Steve Mullins, Chief Corporate Banking Officer, in addition to a number of officials representing both banks.
The Al-Dhameen indirect loan facility program by QDB, now offered by Commercialbank helps economically-viable SMEs overcome certain financial barriers such as the lack of collateral as required by banks.
This facility provides SMEs with access to financing for investment and working capital and is extended to small business owners at affordable profit rates thus facilitating the growth of this sector.
Additionally, it helps companies with credit facility challenges to have financial independence.
Commercialbank DCEO Abdulla Al Raisi said with this finance facility, the SMEs will be able to continue their expansion and diversification programs without any barriers to raising finance.
