Desalination plant finance deal signed in Qatar

The desalination plant is scheduled to open in 2015. (Image source: QEWC)A US$450mn financing deal has been signed by Qatar Electricity and Water Company (QEWC) and four local banks to fund the construction of a desalination plant

The plant is currently being built at Ras Abu and the financing deal marks the first time Qatari banks have come together to fund a utility project with no outside, foreign assistance.

Qatar National Bank (QNB) general manager, Abdulla Mubarak al-Khalifa, was mandated to lead the deal by the QEWC, according to Gulf Times.

The signing of the deal was also attended by the CEO of Barwa Bank, Steve Troop, the CEO of Masraf Al Rayan, Adel Mustafawi, and QIB Group CEO, Bassel Gamal.

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