QIB and Daewoo E&C sign QR1bn financing deal

 18 Apr 2017 - 2:06

QIB and Daewoo E&C sign QR1bn financing deal
Officials at the agreement signing ceremony.

The Peninsula

Qatar Islamic Bank (QIB), signed a QR1bn financing deal with Daewoo Engineering and Construction Co (Daewoo E&C). The agreement was signed at QIB’s headquarters, by Tarek Youssef Fawzi, QIB’s General Manager - Wholesale Banking Group and In-Hwan CHO, Daewoo E&C’s Head of Finance.
The financing agreement will support Daewoo’s current projects in Qatar including the construction and upgrading of  E-Ring Road. This project will expand the number of lanes from 8 to 14, enlarge the highway by 4.5 kilometre (km) and build a new 4km long section. QIB’s participation in the project comes as part of the Bank’s strategic vision to provide Islamic financing solutions to key stakeholders that are participating in the country’s major development projects. Over the course of the past few years, the Bank has been involved in financing agreements for large projects various sectors.
“QIB is having an important role in Qatar’s economic life for over three decades” said Fawzi. “As the leading Islamic Bank in the country, we are making sure to participate and contribute to the development and diversification of Qatar’s economy. In 2016, our Contracting division continued in this trajectory, supporting and financing infrastructure projects for major government, semi-government and private sector initiatives.”
“Qatar is one of the key countries we are operating in and this is the second Financing deal signed with QIB following the QR365m facility granted in 2016. Those agreements support our company to perform existing projects making QIB a key strategic partner to our success in Qatar,” said In-Hwan CHO.