New initiative to achieve food security

Aiming at achieving food security by promoting agriculture and allied activities in the energy-rich country, Qatar Development Bank (QDB) yesterday announced the launch of a cheaper credit policy for farm owners at one percent rate of interest.

The scheme has been launched in cooperation with the Ministry of Environment and Widam (Qatar Company for Meat and Livestock Trading).

The Shariah-compliant product provides small farm owners with loans of up to QR250,000, with a payment period of up to five years.

It also provides big farm owners with loans of up to QR750,000, with a payment period of up to eight years.

Sheikh Abdulla bin Saud Al Thani, Chairman of QDB, said that in line with the National Vision 2030, QDB has launched the scheme targeting Qatari farm owners, aimed at purchasing and raising livestock, which complements the country’s vision to guarantee food security. It is in line with QDB’s plans to support private companies and Qatari businessmen in various sectors to achieve economic diversification and promote Qatari products internationally.

QDB offers other services related to the food security strategy, as it financially supported projects in livestock, fish and agriculture.

Source: The Peninsula | Photo: QL Flickr Group