QNB to grant credit up to 75% of new industrial factories’ prices

CAIRO - 5 May 2017: Qatar National Bank (QNB) will provide credit facilities for new factories under the initiative of Your Factory Is Ready, up to 75 percent of the factory price, Head of the Industrial Development Authority (IDA) Ahmed Abd el-Razek said Friday in a statement.

QNB financial facility has been approved in a bilateral agreement between the bank and the IDA to present more incentives to the potential investors in the industrial domain.

According to the agreement, the Qatari bank approves offering credit and financial facilities to new factories that will be established under the initiative of Your Factory Is Ready.

The facility includes providing up to 75 percent of the unit price with a ten year repayment period and a decreasing interest rate amount to 5 percent and at least one year grace period.

QNB will receive submissions requesting funds. Then, the bank will carefully study theses demands to make sure they are corresponding with the conditions and credit rules and it will inform outcome to IDA.

The agreement aims at easing measures of allocating lands and obtaining licenses in order to eliminate all obstacles facing investors in the small and medium-sized enterprises’ sector by granting an easy repayment system.

The IDA previously signed similar agreements with a number of Egyptian banks such as the National Bank of Egypt (NBE), Banque Misr and the Industrial Development Bank.