DOHA: The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) and Qatar Development Bank (QDB) have announced the signing of a Memorandum of Understanding (MoU) to bolster mutual business cooperation.

The MoU aims to support QDB’s SME Export Development Program and enhance the capabilities of Qatari entrepreneurs and innovators, as well as small and medium enterprises (SMEs), to compete effectively in the global market. The agreement was signed by Mr. Abdulrahman Hesham Al-Sowaidi, Chief Executive Officer of QDB, and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC.

On this occasion, Eng. Hani Sonbol, CEO of ITFC, stated that, “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.”

On his part, Mr. Abdulrahman Al-Sowaidi, CEO of QDB, expressed enthusiasm on the partnership, saying, ” “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, in line with QDB’s comprehensive private sector support strategy. 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.”  

Under the terms of the MoU, ITFC will partner with QDB to support the development of the Qatar Export Development Program, with a focus on key products under the program and connecting QDB with financial institutions in key markets in the OIC member countries.  Furthermore, ITFC will provide QDB with advisory services in the areas of trade operations and product development.

The signing of this MoU highlights the commitment of both QDB and ITFC to fostering economic growth and empowering SMEs in Qatar and represents a significant milestone in the efforts of collaboration in achieving sustainable economic development.

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