Doha Bank says backing loan for $604m reservoirs scheme

Lender says it is supporting Qatar's plans to build Water Security Mega Reservoirs Project
Doha Bank says backing loan for $604m reservoirs scheme
(Getty Images - for illustrative purposes only)
By Reuters
Mon 10 Aug 2015 01:58 PM

Doha Bank is backing a project financing to be used to construct the 2.2 billion riyal ($604.3 million) Water Security Mega Reservoirs Project for Qatar General Electricity & Water Corporation (KAHRAMAA), the bank has said.

The deal has been signed with Leighton Contracting Qatar, a unit of United Arab Emirates-based Habtoor Leighton Group, with Doha Bank adding in the bourse filing it had already issued project-related guarantees to the company.

It did not specify a value for the financing backing the project, nor the terms of the loan.

The reservoirs in the project, named Rawdat Rashed, have a capacity of 100 million gallons each and will be the largest reinforced concrete reservoirs in the world, the statement said, without mentioning the total capacity of the project.

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