Successful co-operation between banks is vital if Qatar is to deliver on its vast infrastructure development programme.
“With all the schemes planned, it will necessitate banks working together if all of the projects are to be completed in the required timeline,” said John Lossifidis, executive vice-president and head of international banking at Dubai-based Mashreq Bank, at MEED’s Qatar Projects 2013 conference on 18 February.
Lossifidis said in 2012, $145bn-worth of projects were budgeted for in the UAE, Kuwait and Qatar, with about $45bn worth of schemes reaching financing stage. With Mashreq estimating that $245bn-worth of schemes are budgeted in these three states in 2013, project financing is set to rise sharply.
“At the same ratio as last year, financing will be required for about $80bn of projects. Co-operation between the banks to finance this is important,” added Lossifidis.