VODAFONE QATAR AGREES QAR 911 MILLION CREDIT FACILITY WITH BARWA BANK Facility to support Vodafone Qatar’s commercial acceleration in Fixed and 5G
Vodafone Qatar P.Q.S.C(“Vodafone Qatar” or the “Company”) has entered into an agreement for a QAR911 million medium term revolving credit facility (“Credit Facility”) with Barwa Bank, available over a 6-year period. The Credit Facility will be used to accelerate the Telecommunication Company’s fixed services rollout and 5G deployment in the country.
The Credit Facility’s flexible financing features is considered the first of its kind in Qatar which is testament to Barwa Bank’s ability to innovatively meet its customers’ requirements. The two organisations will also partner to exchange other innovative solutions and products.
Commenting on the agreement, Vodafone Qatar’s CEO, Sheikh Hamad Abdulla Jassim Al-Thani, said: “We are appreciative of Barwa Bank’s support in arranging this attractive financing and look forward to a strong long term relationship with them. With this Credit Facility we are reinforcing our commitment to drive the country’s digital transformation in support of Qatar National Vision 2030.”
Group Chief Executive Officer at Barwa Bank Group, Mr. Khalid Al-Subeai, stated: “This credit facility follows Barwa Bank’s strategy which is closely aligned with Qatar’s National Vision 2030. As one of the leading Islamic Banks in the country, Barwa Bank has provided Islamic financing solutions to several key entities that are contributing to the country’s GDP and are participating in the country’s development. The bank has been actively involved in financing large projects while ensuring they participate in and contribute to the diversification of Qatar’s economy”.
Barwa Bank is Qatar's most progressive Shari’ah compliant financial service provider. The Bank provides a full range of Shari’ah compliant banking services including retail, corporate, commercial, private banking, and real estate finance.
Vodafone Qatar has made significant progress in providing key entities around the country with mobile and fixed infrastructure and services and has committed to significantly grow its fixed line network across the country. The Company’s launch of 5G will make Qatar one of the first countries in the world to have 5G services, accelerating the country towards becoming one of the most connected and technologically advanced in the world.