Ras Laffan C deal set to include Islamic financing

23 July 2008
Financing for the $3.7bn Ras Laffan C independent water and power project (IWPP) will now include a $250m Islamic tranche provided by Qatar Islamic Bank and the Islamic Development Bank.

The final size of the tranche will not be determined until the deal reaches financial close. It could result in some reduction in the size of the $1.5bn commercial bank tranche, and the equally-sized loan from Japanese export credit agency JBIC.

Financial close on the deal is expected on 30 July, following delays of about a week because of difficulties arranging a signing schedule suitable for all the parties involved.

Twenty banks are participating on the deal, in a take-and-hold basis, meaning they will provide the funding themselves rather than syndicating it out to other banks.

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