The Qatar Industrial Development Bank (QIDB) has reduced the interest rate on industrial loans and is pursuing investments from overseas firms.

The interest rate was cut from seven to five per cent, said chairman Shaikh Abdulla bin Saud Al Thani in his address at the annual general meeting of the bank.

He said the bank had also adopted a new strategy that would focus on direct participation of foreign investment. In this context, he referred to a knitting plant project launched last year in collaboration with a Korean company. QIDB is providing the marketing and technical know-how for the project.

The project was also designed to help create job opportunities for the Qatari women workforce, he pointed out.

QIDB has contributed to the financing of 10 industrial projects so far. It has also provided financing to industries for the import of raw materials and has approved eleven loan applications for this purpose at a cost of QR 5 million.

Shaikh Abdulla also pointed out that the bank has been assisting Qatari industrial investors with technical advisory services, with more than 32 industrial consultancies provided already.

Meanwhile, QIDB upgraded several of its computer programmes to ensure better customer services last year.

Human resources development is another field being focused on by the bank. Personnel have been trained to provide reliable security on all kinds of fund transfers. The bank's staff has attended training courses, seminars and workshops related to banking and industrial development in Qatar and abroad.

Active implementation of its job nationalisation policy to attract and encourage Qatari professionals to join the bank has resulted in an increase in Qatari staff by 41 percent last year.