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FINANCIAL NEWS
Commercial Bank in joint USD274m finance deal for key Ashghal project
04 Feb 2015
(MENAFN) Commercial Bank has decided to fund an arrangement for USD274 million in comprehensive financing services to Joannou & Parakskevaides, for the award of the construction project of the West Corridor, Gulf Times reported.
The agreement was given to the joint project – Joannou & Parakskevaides (Overseas) (75%) and J&P Avax (25%), valued at USD458 million.
“Commercial Bank is proud to finance large-scale infrastructure projects in Qatar such as the West Expressway”, Commercial Bank CEO Abdulla Saleh al-Raisi stated.
Major regional banks along with Commercial Bank led the deal for enabling finance in excess of USD274 million, the project includes a 10.5km long piece starting from west of the future Inner Orbital and extends to the west of the proposed Barwa City Access.
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