Enterprise Qatar (EQ), a corporation established in 2008 backed by the Qatari government, is set to launch a QAR 364 million (USD 100 million) fund aimed at financing small and medium enterprises (SMEs), a top-level official from the company told Zawya.
Noora Al Mannai, chief executive officer of Enterprise Qatar said the fund is intended to support the private sector, particularly entrepreneurs and SME owners who have viable business plans, by providing them with their much-needed capital injection.
"The new fund will primarily work towards helping Qatari entrepreneurs get funding for their proposed projects. In addition, it will offer professional assistance to get their plans off the ground. The fund is set to be launched in the next two months, in collaboration with a number of local banks," said Al Mannai.
The CEO also revealed that Qatar Development Bank is expected to contribute to the initiative by providing a credit guarantee program. Enterprise Qatar's initiative offers some respite to the domestic SME sector.
One of the major challenges facing Qatar's SME sector is the lack of funding options available to small and medium business owners. In one of the attempts to address this issue, the Qatar Exchange (QE) recently created QE Venture Market, a junior bourse dedicated to the listing of SMEs and allowing them access to capital.
According to Rashid bin Ali Al Mansoori, QE chief executive officer, "the QE Venture Market will greatly contribute to facilitating the acquisition of vital funding for SMEs."
© Zawya 2013
