QNB refinances $68 million Qasco loan
Qatar’s largest commercial bank, Qatar National Bank (QNB), agreed to provide the Qatar Steel Company (QASCO) with $68 million to refinance a two-year old loan. The new loan carries an interest rate of 0.5 percent and is repayable over four and a half years.
Qasco was established in 1974 as a joint venture between the government of Qatar (70 percent) and Japanese companies Kobe Steel (20 percent) and Tokyo Boeki (10 percent). It is the first integrated steel plant in the Arabian Gulf region. In 1997 the company became wholly-owned by the government of Qatar. — (menareport.com)
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