ITFC and Qatar Development Bank Sign MoU to Boost SMEs and Export Development

The International Islamic Trade Finance Corporation (ITFC) and Qatar Development Bank (QDB) have formalized a Memorandum of Understanding (MoU) aimed at enhancing mutual business cooperation. The agreement focuses on supporting QDB’s SME Export Development Program and empowering Qatari entrepreneurs, innovators, and small and medium enterprises (SMEs) to compete effectively in the global market. The MoU was signed by Mr. Abdulrahman Hesham Al-Sowaidi, CEO of QDB, and Eng. Hani Salem Sonbol, CEO of ITFC.

Objectives of the Agreement

Supporting SMEs and Exporters:

The MoU aims to strengthen collaboration between ITFC and QDB to support trade, development, and empower SMEs and exporters in Qatar and member countries of the Organization of Islamic Cooperation (OIC).

Enhancing Qatari Economy:

By enriching the portfolio of partnerships with international organizations, QDB seeks to increase the reach of SMEs and the private sector in international markets and promote the export of Qatari products and services. This aligns with QDB’s comprehensive private sector support strategy, contributing to the development and diversification of the Qatari economy.

Statements from Key Figures

Eng. Hani Salem Sonbol, CEO of ITFC:

"This MoU is a significant step towards strengthening collaboration in our shared commitment to support trade, development, and empower SMEs and exporters in Qatar and OIC member countries."

Mr. Abdulrahman Al-Sowaidi, CEO of QDB:

"We are pleased to enrich our portfolio of partnerships with diverse international organizations to increase the reach of SMEs and the private sector as a whole to international markets and support the export of Qatari products and services... This agreement will enhance the services provided by the Bank to entrepreneurs, hence increasing their contribution to the development and diversification of the Qatari economy.”

Key Areas of Collaboration

Development of Export Program:

Under the MoU, ITFC will collaborate with QDB to support the development of the Qatar Export Development Program, focusing on key products and connecting QDB with financial institutions in key markets within OIC member countries.

Advisory Services and Product Development:

ITFC will provide advisory services to QDB in trade operations and product development, further enhancing the capabilities of Qatari entrepreneurs and SMEs.

Commitment to Economic Growth

The signing of this MoU underscores the commitment of both QDB and ITFC to fostering economic growth and empowering SMEs in Qatar. It represents a significant milestone in their collaborative efforts towards achieving sustainable economic development. By leveraging their respective strengths and expertise, ITFC and QDB aim to create a conducive environment for SMEs to thrive and expand their presence in international markets.