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QNB Syria, partners launch syndicated facility to support Damascus project
QNB Syria, a subsidiary of QNB Group, has launched a syndicated financing facility in collaboration with Al Baraka Bank Syria and the Commercial Bank of Syria to finance the final phase of the 'Qasioun Journey' project in Damascus Governorate.
The partnership represents a new model of collaboration between the public sector and the banking sector, reflecting a shared commitment to supporting strategic development projects with a direct impact on the Syrian economy.
It also highlights the role of banks in financing investment and development initiatives, contributing to sustainable economic growth and supporting national development priorities. More broadly, the financing structure demonstrates how banking partnerships can evolve to support large-scale projects through more flexible financing mechanisms, strengthening the banking sector's role as a partner in economic development.
Khalid Ahmed al-Sada, Senior Executive Vice-President, Group Corporate and Institutional Banking, QNB Group, said: 'This transaction underscores the growing role of syndicated financing in enabling the delivery of complex and capital-intensive projects. At QNB Group, we view collaborative financing structures as an effective mechanism for bringing together financial expertise, diversifying risk and expanding the banking sector's capacity to support strategic investments. The facility represents a strong example of how coordinated banking partnerships can contribute to broader economic advancement while fostering a more dynamic and resilient financial ecosystem.'
This financing reflects QNB Syria's commitment to supporting strategic and development projects with significant economic and social impact, contributing to the completion of one of modern Syria's prominent tourism and social projects. Executed under the direct supervision of the Damascus Governorate, the project will serve as a cultural landmark reflecting the capital's identity while supporting tourism, development and investment.
Source: Gulf Times