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Qatar to spend up to $3bn on electricity

Country seeks funding from local and international lenders

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The 2400MW Facility D IWPP will boost the country's power and water security
The 2400MW Facility D IWPP will boost the country's power and water security

Qatar plans to spend as much as US $3bn on the 2400MW Facility D independent water and power project between 2013 and 2018, the acting head of project finance at the state's largest lender said.

The country is spending billions of dollars in areas such as transport, electricity and water generation, in an effort to improve its economy and build towards its hosting of the 2022 soccer World Cup.

"Significant funding still needs to come from both local and international lenders," said Yusuf Saeed, acting head of global structured finance at Qatar National Bank .

"For large projects, what we're seeing is you have conventional financing and Islamic financing and options for export credit agencies," Saeed said.

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