Doha, January 21 (QNA) - Qatar Development Bank (QDB) launched the Clean Energy and Eco-Friendly Financing program, also known as Green Financing for Qatar-based Small and Medium Enterprises (SMEs) operating in QDB-mandated sectors.

SMEs that are seeking to introduce or use clean and sustainable projects or infrastructures (green projects) to support their business operations in the reduction of their energy cost, environmental degradation, and carbon footprint.

QDB Acting CEO Abdulrahman Hesham Al Sowaidi said that supporting sustainability through this and other programs is part of the bank's strategy to support environmentally friendly projects, in keeping with the necessities of this period nationally and globally.

Al Sowaidi indicated that the bank is moving in accordance with its institutional responsibility to support entrepreneurs in line with the country's national vision for building a sustainable knowledge-based economy.

QDB Acting CEO stressed that this financing program is the first of its kind, and it will support SMEs operating in any of the various QDB-mandated sectors, encouraging them to benefit from the bank's programs, indicating that the Green Financing program will first finance 85 percent of a project's cost for enterprises that will add technological solutions or environmentally friendly operations to their business or their business model. QDB offers a long-term financing repayment period of up to 15 years, including a 3-year grace period.

Al Sowaidi added that QDB will finance 80 percent of a project's total cost for companies that will produce final green products with a positive and sustainable environmental impact, this time with a repayment period of up to 20 years, including a three years grace period.

The Green Financing program enables enterprises to obtain competitive and preferential pricing with admin and profit rates to encourage them to make an environmentally friendly transformation and produce sustainable green products.

QDB encourages SMEs to achieve their environmental goals in various fields such as renewable energy, waste management, water treatment, recycling, clean and green technical innovations, and projects that promote energy efficiency and reduce carbon footprint.

Interested entrepreneurs can apply for financing on QDB's website. (QNA)