News

Transferring NRGP facilities from partner banks to QDB

In line with its ongoing efforts to adapt the program to emerging challenges, ensure the financial sustainability of the private sector and reduce the credit burden on companies, QDB is introducing a new amendment offering beneficiaries the opportunity to transfer NRGP facilities from partner banks to QDB (outstanding Principal only). This will allow for flexible financing options (i.e., lower profit rate and affordable repayment terms), which will contribute to facilitating the repayment of existing facilities, improve companies’ cash flows and mitigate an increase in clients’ debt burden as a result of higher lending rates and short repayment terms. TERMS AND CONDITIONS: The new NRGP amendment offers customers the option to transfer their outstanding facilities to QDB, setting new terms and conditions for the flexible repayment of loans as outlined in the main financing transfer agreement concluded between QDB and partner banks and upon the request of clients. The new program allows existing NRGP customers to apply to transfer their facilities to the QDB portfolio, according to the outlined conditions, starting from October 10, 2023 – February 10, 2024. All transferred credit facilities will be considered as new financing schemes with QDB, resulting in a new repayment period of up to 5 years, including a one-year grace period with a 1% p.a. profit rate.