Doha, October 14 (QNA) - Qatar Development Bank (QDB) announced Wednesday the expansion of the Logistics Support Fund, increasing its size to QR 400 million, thereby increasing the level of support available to each factory through a non-repayable grant for imports.

In a statement, QDB said that the Fund supports Qatar-based manufacturers across all sectors through a non-repayable grant covering imports of essential raw materials, reimbursing up to 80 percent of increased shipping costs compared with normal levels prior to the recent regional developments. The support is designed to strengthen business continuity and enhance factories' ability to adapt to changing conditions and respond to them with greater resilience.

To facilitate access to the grant, QDB provides a fully digital experience covering the different procedures and stages of the application process, from creating and tracking an application to viewing the support allocated to each factory and the remaining available balance. QDB also confirmed that the program covers different logistics routes, including air freight, sea freight and land transportation.

QDB has approved 436 applications under the Logistics Support Fund, while 154 factories have applied for the grant to date.

Commenting on the announcement, Abdulrahman bin Hesham Al Sowaidi, Chief Executive Officer of Qatar Development Bank, said: "We continue to develop our programs based on the needs of the private sector and the feedback we receive from companies and manufacturers. In this context, we have expanded the grant and increased the size of the Fund allocated to it to QR 400 million, supporting Qatar-based manufacturers in maintaining continuity of production and helping mitigate the impact of higher import costs for essential raw materials. This strengthens manufacturers' resilience and gives them greater capacity to address operational challenges and logistics-related changes."

Al Sowaidi added: "The Logistics Support Fund forms part of our plans to support the national industrial ecosystem and enhance the competitiveness of Qatari products, primarily by supporting export operations, in line with the objectives of the Third National Development Strategy and the Qatar National Manufacturing Strategy 2024-2030. During the current period, however, we moved quickly to launch the Fund and allocate it, through an exceptional track, to supporting the cost of factories' imports of key raw materials in response to geopolitical developments and supply chain disruptions. We will gradually redirect the fund towards its primary objective of supporting exports once logistics costs for imports return to their normal levels."

The Logistics Support Fund allows eligible factories to benefit from the non-repayable grant more than once, subject to the applicable terms and conditions. Beneficiaries can also view their allocated support amount and the remaining grant balance through their accounts on the Qatar Exports Portal. (QNA)