Commercial Bank has successfully concluded a financing arrangement of QR 1Billion in extended financing facilities to Joannou & Parakskevaides (Overseas) Limited for the award of the construction project of the West Corridor, for Public Works Authority (Ashghal).
The contract was awarded to the joint venture Joannou & Parakskevaides (Overseas) Limited (75%) and J&P Avax S.A. (25%), valued at USD458 Million or QR1.7 Bn with an estimated date of completion in 2016, a press statement posted on Qatar Exchange said.
The awarded project is part of the East-West Corridor Expressway which is connecting the Industrial Area to the Hamad International Airport. This project comprises a 10.5 km long section starting from west of the future Inner Orbital and extends to the west of the proposed Barwa City Access. The main road consists of 10-lanes section (5lanes in each direction) and four major interchanges.
Commercial Bank led the club deal along with one of the major regional banks for facilitating finance in excess of QR1Bn. The financing facility was shared equally between the two Joint Lead Mandate Arrangers with Commercial Bank retaining the Security and Facility Agent.
Source : Qatar News Agency
