Katar: Neue Kredite für Bildungssektor

QDB, SEC launch new loans to support education sector

Qatar Development Bank (QDB) and the Supreme Education Council (SEC) yesterday launched new loans to support the education sector in Qatar as part of their joint efforts to create a knowledge-based economy.

QDB will offer direct loan and competitive financing for the private sector on education sector projects such as preschools, primary and secondary schools.

The services include financing construction of new facilities, expanding existing ones, and financing all sorts of furnishing, equipment, and vehicles used for education purposes. A reasonable grace period and competitive instalment scheme will be applied.

"The education sector is one of the most beneficial sectors in the different development plans that Qatar is making, and we believe that enhancing this sector is a key factor in realising any achievement. We will always provide financial and consultation support to take this sector to the next level," QDB CEO Abdul Aziz bin Nasser al-Khalifa said.

QDB's direct loans have a maximum tenor of 15 years, which also includes a three year grace period. The finance can represent up to 70% of the overall project, with 3%-4% annual interest rate and a one-off 1% management fee.

To apply for a loan, a written application should be presented to the SEC, accompanied with the feasibility study reviewed by specialised consultants, or an audited banking statement for the past three years.

A design of the project and a price list of the equipment are then submitted, in addition to the ID copies of the owners and their deputies.

QDB coordinates with SEC and the Ministry of Higher Education in order to provide suitable financing solutions for the education sector. A committee has been initiated for this purpose comprising of member from QDB, SEC, and the Ministry of Higher Education.