By Staff writer
Financing being provided by Qatar's Barwa Bank, with First Gulf Bank and Qatar International Islamic Bank as lead arrangers
The consortium responsible for delivering the $4.2 billion gold line of Doha's Metro has secured funding from a triumverate of banks worth over $1 billion.
The consortium, led by Greece's Ellaktor alongside Larsen & Toubro of India, Qatar's Al Jaber Engineering and Turkish firms Yapi Merkezi Insaat and STFA, was appointed to build the biggest and most complex of the lines being constructed during phase one of the Doha Metro in April.
The funding is being provided by Qatar's Barwa Bank, with First Gulf Bank and Qatar International Islamic Bank is also serving as lead arrangers for the financing, Construction Week Online reported.
Andreas Tauschinger, project director for the consortium, said: “We are very proud to have been given the opportunity to play an important role in the development of the state of Qatar. The JV members bring in international and local expertise to this landmark project.
"We are happy to work with the financial institutions on the transactions and thank the lead bank, Barwa Bank, for their efforts in ensuring a successful transaction.”
The project runs from the south east of Doha from Airport City North and continues westwards to Villagio.
The Doha Metro is expected to be up and running in 2019.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.