Commercial Bank in $274mn finance deal for Ashghal's West Corridor project.

Commercial Bank in Qatar has successfully concluded a financing arrangement worth USD 274.5 million with Joannou & Parakskevaides Limited for the construction of the West Corridor for Public Works Authority (Ashghal).

The construction contract was awarded to a joint venture of Joannou & Parakskevaides and its Saudi Arabian subsidiary and was valued at USD 458 million. The financing facility is shared equally between the two Joint Lead Mandate Arrangers with Commercial Bank retaining the Security and Facility Agent.

The awarded project is part of the East-West Corridor Expressway which will connect the Industrial Area to the Hamad International Airport and is estimated to be completed in 2016.

The scope of work includes constructing a 10.5 kilometer long section starting from west of the future Inner Orbital and extends to the west of the proposed Barwa City Access. The main road consists of a 10 lane section, with five lanes in each direction and four major interchanges.

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