QDB Extends Application Deadline for Transfer of Outstanding Facilities to NRGP Portfolio

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