Al-Khalij Commercial Bank has agreed to provide a funding package worth $247m to the venture partnership providing pipelines to the Qatars Water Security Mega Reservoirs project.
Qatar General Electricity & Water Corporation (Kahramaa) recently awarded a contract to a joint venture of Lebanons CAT and the local Boom Construction to develop part of the pipelines to connect five reservoir megaprojects currently being built.
The funding package is for this part of the project and has been enabled by the Al-Khalij Commercial Bank to continue to support and finance Qatars infrastructure programmes. CEO Fahad al-Khalifa said in a media statement that the financing of such projects is a key pillar of the banks mid-term strategy.
The project is currently under construction and the pipeline work is not due for completion for another three years.
Contracts for the 200 kilometres of pipeline connecting the reservoirs to desalination plants and supply networks have already been awarded earlier this year to the UAEs Habtoor Leighton Group, local firm Aljaber Engineering and, Chinese firms China Harbour Engineering Corporation and Sinohydro Group.
Huge reservoirs and pumping stations will be constructed at five strategic locations along the Qatar National Utility Corridor. The first phase of the project, which is currently under implementation, will have a storage capacity of about 2,300 million gallons of water in 24 concrete reservoirs, as well as 480km of buried iron pipelines.