Muscat: QNB Oman has signed a strategic financing agreement worth USD 43 million with Karwa Motors, a joint investment project between the State of Qatar and the Sultanate of Oman.
The agreement aims to fund the implementation of a 5-year project between Karwa Motors and the Ministry of Education (MoE) in Oman with a total value of USD 287 million to enhance the efficiency of the school transport sector in line with the latest global standards.
The agreement was signed by Mr. Khalid Al Barwani, CEO of QNB Oman, and Dr. Ibrahim Al Balushi CEO of Karwa Motors Company, in the presence of a number of senior officials from both sides.
While supporting the school transport industry in the Sultanate the new partnership agreement reflects QNB’s commitment to expand its client network and to become the financial partner of choice for corporate customers in Oman.
It also represents a new step forward to cement the bank’s position as a leading financial institution, which has successfully inked several milestone transactions in various economic sectors aligned with its strategy of supporting national industries and in line with Oman’s Vision 2040
Commenting on the new agreement, CEO of QNB Oman, said: “As one of leading financial institutions in Oman, we’re very keen to support such projects that do not only promote innovative solutions in the transport sector but also support the National Program for Enhancing Economic Diversification, building a strong path to progression.”
Dr. Ibrahim Al Balushi CEO of Karwa Motors Company, said: “Based on the agreement signed today, Karwa Motors will obtain financial facilities from QNB Oman, which reflects the mutual confidence between the two parties in enhancing the company’s financial capabilities and expanding the scope of its business.
These bank facilities will allow Karwa Motors to achieve our goals and enhance its presence in the automotive sector in the region. The financial facilities will enable us to improve our operational processes and enhance our services, allowing us to provide the best options to our customers.”
QNB Oman is an international branch of QNB Group, one of the leading financial institutions in the MEA region and among the most valuable banking brands in the regional market.
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