Qatar Development Bank launches new loans to support education sector
Qatar Development Bank (QDB) and the Supreme Education Council (SEC) announced the launch of new loans to support the education sector in Qatar, where 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 facilities, and financing all sorts of furnishing, equipment, and vehicles used for education purposes. A reasonable grace period and competitive installment scheme will be applied.
Commenting on the new initiative, Mr. AbdulAziz Bin Nasser Al Khalifa, CEO of QDB, affirmed QDB’s role in promoting development projects in all disciplines, and providing financial support to a number of sectors, especially the education sector, for the importance it holds on a financial level.
“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 realizing any achievement. We will always provide financial and consultation support to take this sector to the next level,” said Al Khalifa.
To apply for a loan, a written application should be presented to the SEC, accompanied with the feasibility study reviewed by specialized consultants, or an audited banking statement for the past 3 years. A design of the project and a price list of the equipment is 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.
QDB’s interest revolves around financing the education sector from pre-school to university, and the bank has always welcome financing applications and breakthrough ideas in these disciplines. QDB’s direct loans have a maximum tenor of 15 years, which also includes a 3 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.