Qatar National Bank (QNB) has signed a US$100mn line of credit with Export Development Canada (EDC).
The credit includes a seamless export financing option and simplifies procurement in all sectors where Canadian technology and know-how are sought in Qatar.
This agreement marks the first time that EDC has established a line of credit with any commercial bank in the Gulf Cooperation Council (GCC) countries.
“Qatar is a high-potential market for Canada, where several Canadian companies are already active in power, oil and gas and EDC views QNB as a key partner in its efforts to develop and promote Canadian goods and services exports to Qatar,” says Benoit Daignault, EDC senior vice-president for business development.”
“Qatar is now heavily investing in its infrastructure – up to US$60bn over the next 10 years – and EDC’s line of credit will help Canadian investors capitalise on considerable opportunities generated by Qatar’s current investment climate.”