Qatar's Public Works Authority (Ashghal) has signed a memorandum of understanding (MoU) with Qatar Development Bank (QDB) to support small and medium-sized enterprises (SMEs) in the country.

Nasser bin Ali Al Mawlawi, president of Ashghal, signed the agreement with Abdulaziz bin Nasser Al Khalifa, chief executive officer of Qatar Development Bank.

The agreement is aimed at enhancing cooperation between Ashghal and QDB in supporting and developing local industries and SMEs by providing them with opportunities to participate in the authority’s projects, in addition to providing them with financial and advisory support and guidance in order to be able to develop and expand their activities, thereby creating a sustainable economy.

Based on the MoU, it has been agreed that Ashghal will include small and medium-sized companies which have been nominated by QDB in the supply chain approved by Ashghal, it said.

The MoU will also ensure that Ashghal conducts regular meetings in collaboration with QDB to monitor performance of the companies in accordance with the mechanism agreed upon by the two parties.

The agreement came as part of the Procurement Contracting Exhibition, which was the first exhibition and conference in Qatar for government procurement and contracting.

Al Mawlawi highlighted that this agreement represents an important step towards future collaboration and cooperation between the authority and QDB in the field SME development in Qatar.