Doha: The Minister of Economy and Finance H E Yousuf Hussein Kamal said yesterday that Qatar ranked 6th among the world’s leading project financing countries.
Qatar has financed a number of projects under the cost of roughly $8.6bn during the first nine months of the current year, a 37 percent growth, compared to the same period of last year.
Addressing the 4th annual World Islamic Infrastructure Finance Conference, held yesterday at the Doha Ritz-Carlton Hotel, the minister said the aforesaid amount represents about 33 percent of the total amount earmarked to finance the infrastructure projects in the Middle East and North Africa.
The minister noted that one of Qatar’s priorities is to allocate a large amount of its budget to develop the infrastructure , noting that some QR37.9bn from the 2009-2010 budget was earmarked to development projects, with a total amount of QR163bn during the last five years.
The minister said the step aimed at curbing the impact of the global financial crisis on the economy and continuing the development march as planned. Despite the outcome of the global crisis, Qatar still has an optimistic future vision to widen its NLG production and export and to spend more on the infrastructure projects as well as the education and health sectors, the minister added.
The minister said the Islamic banks, compared to other banks, succeeded to provide and develop the products that meet the needs of their clients, both individuals and institutions, a sign of growth and development of the performance of the Islamic banks, stressing the necessity of their participation in financing the infrastructure projects.
The meeting brought together top decision-makers and representatives form the infrastructure fields as well as financers and investors who gathered to discus the Islamic finance and its role in developing the infrastructure projects at global levels, taking in consideration the global financial crisis.
The meeting, held this year under the title of “Reinventing the Islamic Project Finance Market” discussed several topics, such as the importance of developing the infrastructure and the role of the investment Sukuk (instruments) in financing infrastructure projects. The Participants said the volume of the Islamic financing in the GCC countries reached up to $18bn during the first half of the current year, referring to the Islamic financing in Qatar and the GCC countries and the role it plays in such projects.
Meanwhile, the participants discussed a number of key issues, including the challenges and opportunities in Islamic finance, Shariah compliant project finance revitalising growth and Sukkuk as a key driver of infrastructure and project finance. Another key issue entitled “Reassessing the Role and Significance of Risk Management in Large-Scale Infrastructure Projects in a Turbulent Market” was also taken up during the meeting. The meeting was also an opportunity to hold unofficial talks and debates between over 200 world pioneering dignitaries who attended the event.
