Vodafone Qatar has entered into an agreement with Barwa Bank for a QR911mn medium-term revolving credit facility available over a six-year period, which will be used to accelerate the telecommunication company’s fixed services rollout and 5G deployment across the country.
The credit facility’s flexible financing features are considered the first-of-its-kind in Qatar, which is a 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.
Vodafone Qatar 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 the Qatar National Vision 2030.”
Barwa Bank Group CEO Khalid al-Subeai said, “This credit facility follows Barwa Bank’s strategy, which is closely aligned with the Qatar 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 Shariah-compliant financial service provider, it said. The bank provides a full range of Shariah-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 growing 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, the company said.
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