Doha:Qatar Development Bank (QDB) has announced an expansion of its Logistics Support Fund, increasing its size to QR 400 million. This expansion will enhance the support available to each factory through non-repayable grants aimed at covering imports.
According to Qatar News Agency, the fund provides assistance to Qatar-based manufacturers across all sectors. It offers a non-repayable grant that covers up to 80 percent of increased shipping costs for essential raw materials, compared to normal levels prior to recent regional developments. This initiative is part of efforts to bolster business continuity and improve factories' adaptability to changing conditions.
QDB facilitates access to these grants through a fully digital application process, allowing manufacturers to track their applications and view their allocated support and remaining balance. The program also accommodates various logistics routes, including air, sea, and land transportation.
To date, QDB has approved 436 applications under the Logistics Support Fund, with 154 factories having applied for the grant. Abdulrahman bin Hesham Al Sowaidi, CEO of QDB, emphasized the bank's commitment to supporting the private sector by increasing the fund's size. This move aims to help manufacturers mitigate the impact of higher import costs for essential materials, enhancing their resilience against operational challenges and logistics changes.
Al Sowaidi also noted that the fund is part of the bank’s strategy to support Qatar's industrial ecosystem and improve the competitiveness of local products, aligning with the Third National Development Strategy and the Qatar National Manufacturing Strategy 2024-2030. The fund's focus will gradually shift back to supporting exports once logistics costs stabilize.
Eligible factories can benefit from the grant multiple times, subject to terms and conditions, and can track their support via the Qatar Exports Portal.