QNB Syria, partners launch syndicated facility to support Damascus project

QNB Syria, a subsidiary of the QNB Group, has initiated a syndicated financing facility in partnership with Al Baraka Bank Syria and the Commercial Bank of Syria. This financing is earmarked for the concluding phase of the Qasioun Journey project, located in Damascus Governorate. The collaboration signifies a novel approach between public and private sectors, emphasizing a collective dedication to fostering strategic development projects that directly influence the Syrian economy.

The arrangement also underscores the pivotal role banks play in financing investment and development initiatives, thereby bolstering sustainable economic growth and aligning with national development objectives.

Khalid Ahmed al-Sada, Senior Executive Vice-President of Group Corporate and Institutional Banking at QNB Group, commented: "This transaction highlights the expanding role of syndicated financing in facilitating the realization of intricate, capital-intensive projects. At QNB Group, we perceive collaborative financing as a potent instrument for amalgamating financial acumen, mitigating risk, and augmenting the banking sector's capability to support strategic investments."

The syndicated facility epitomizes how coordinated banking alliances can bolster comprehensive economic development, nurturing a more robust and agile financial framework.

The financing aligns with QNB Syria's commitment to endorsing strategic and developmental projects with substantial economic and social ramifications, thereby contributing to the completion of one of modern Syria's most celebrated tourism and social initiatives. Implemented under the direct oversight of the Damascus Governorate, the project is poised to emerge as a cultural beacon, emblematic of Damascus' identity while promoting tourism, development, and investment.