Doha - QNB Al Islami, the Islamic branch of Qatar National Bank (QNB), Qatar International Islamic Bank (QIIB) and Al Salam Bank- Sudan signed a facility agreement worth $50m with Sudanese Telecommunication Co (Sudatel).
As per the agreement QNB Al Islami will finance 50 percent of the amount or $ 25m, while the remainder will be jointly financed by QIIB ($ 10m) and Al Salam Bank ($ 15m) for the 'lease ended by ownership' facility for a five years tenor to Sudatel.
The agreement was signed at QNB Headquarters yesterday, by Ali Ahmed Al Kuwari, QNB Executive General Manager and Chief Business Officer, Jamal Abdullah Al Jamal, QIIB General Manager, Banking Services, Abdu M M Khalil, General Manager of Al Salam Bank, Emad H Ahmed, Sudatel Chief Executive Officer and Emadeldin W Mohamed, Sudatel Chief Financial Officer.
Sudatel is a telecommunications and Internet service provider in Sudan, responsible for the construction and maintenance of Sudan's telecom infrastructure. It is the first Sudanese company to float its shares on the regional stock market with more than 21 percent of Sudatel owned by the Sudanese government and the remainder owned by private interests.
The agreement is part of QNB's long term expansion plans which involves providing corporate banking and project financing facilities to leading organisations from all over the world.
QNB Al Islami recently acquired approval to begin banking operations in Sudan and foundation stone was laid for the QNB tower in Khartoum.
QNB also signed a Memorandum of Understanding with Qatari Diar Real Estate Investment Co to finance individuals and companies desiring to buy residential units in 'Al Difaf' project in Sudan.
© The Peninsula 2008
