Participants of the signing ceremony, held at the Grand Park Hotel in Ramallah, include some of the most respected international and local lenders.
His Excellency Mohammad Kamal Hassouna, Minister of Telecommunications and IT, along with Dr. Mohammad Mustafa, Chairman of Wataniya Mobile and Chairman and CEO of Palestinian Investment Fund, welcomed this prestigious group.
Last month, Wataniya Mobile announced its success in securing this first ever loan of this nature to build the newest mobile telephony network in Palestine, which will give the people a new choice and liberalize the telecommunications market.
The formation of the loan facility partnership was proudly endorsed by Palestinian Investment Fund (PIF), the co-founder of Wataniya Mobile.
The loan facility was issued by the Bank of Palestine, Quds Bank, Palestine Commercial Bank, Ericsson Credit AB, the International Finance Corporation, and Standard Bank, also acting as lead facilitator. Exportkreditnämden, the Swedish Export Credits Guarantee Board and GuarantCo, a specialist guarantor of infrastructure financing in low-income countries, acted as guarantors to the Syndicated Facility.
An endeavor of this magnitude, demonstrates a vote of confidence by both local and international lenders in the future of the Palestinian economy. It also reflects that local lenders have the ability to finance an initiative of this type and size.
In addition, it reflects PIF's commitment to invest in strategic projects that help build an independent and vibrant Palestinian economy. This funding initiative paves the way for similar initiatives in the future.
With the imminent launch of the network on the near horizon, this syndicated facility loan enables Wataniya Mobile to continue the build-out of a modern, high quality telephony network that provides a choice of innovative mobile products and services to the marketplace.
And, by deploying Ericsson AB equipment and its infrastructure expertise, WPT will ensure that the products and services will meet the needs and expectations of the marketplace.
The entrance of WPT into the market fuels job creation, both direct and indirect, while playing a pivotal role in aiding the economic development of the country while fostering liberalization of the telecom sector.
Wataniya Mobile is owned and controlled by the Palestine investment fund 'PIF', a Palestine's leading Investment Company, and Wataniya Telecom of Kuwait. Wataniya Telecom is majority-owned by Qatar Q.S.C. 'Qtel', the diversified telecommunications group offering world-class communication services in 17 countries to more than 57 million customers.
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Wataniya Mobile officiates senior secured syndicated facility loan
- Palestine: Saturday, March 21 - 2009 at 11:16
- PRESS RELEASE
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Wataniya Mobile officially signs and celebrates the securing of the $85m senior secured syndicated facility loan which will help accelerate the build out of the new mobile telephony network in Palestine.
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Posted by Rana MesbahSaturday, March 21 - 2009 at 11:16 UAE local time (GMT+4)
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Notes and Media Contacts »
About Wataniya Palestine Telecom:
WPT received its license in September 2006, in an open tender issued by the Palestinian National Authority to build and operate the second GSM network in Palestine. Wataniya Palestine Telecom was formed in partnership between the Wataniya Telecom of Kuwait (majority owned by Qatar Telecom (Qtel)), which owns 57% of the company, and the Palestine Investment Fund, which owns 43%.
Qtel's international expertise brings to Wataniya Palestine Telecom and to Palestine the commitment to achieve the highest standards of network quality and coverage for the people of Palestine, while balancing between commercial initiatives and an emphasis on establishing sustainable corporate social responsibility programs for the people of Palestine.
About Qatar Telecom:
Qatar Telecom (Qtel) is a diversified telecommunications group with three business lines including consumer telephony, consumer broadband and corporate managed services, and is committed to expansion in line with the company's strategic vision of becoming a global top 20 telecommunications provider by the year 2020. Qtel is a full-service telecommunications service provider in the state of Qatar. Over the past two years, Qtel has expanded its geographic footprint from 2 to 17 countries within the Middle East and Asia, with more than 57 million customers.
About the Palestine Investment Fund ("PIF")
PIF, is a publically owned independent Palestinian investment company, headquartered in Ramallah. PIF works towards building an independent, viable and sustainable Palestinian economy. It focuses on developing and investing in strategic projects in vital sectors in Palestine. PIF is a founder and a key shareholder of many of the leading Palestinian companies such as Wataniya Palestine (Telecom), APIC (investments), PCSC (cement), PTIC and Grand Park (hotels) and NAPCO (manufacturing).
In addition, PIF, working with local, regional and international partners, is developing a number of strategic projects that will have far reaching impact on the Palestinian economy, such as the $700m Gaza gas project, a $500m mortgage finance company, the $400m Ersal commercial center in AlBeireh-Ramallah and the $200m Al-Reehan new planned community in Ramallah.
For more information, please contact:
Mohammad Nassar
Public Relations Manager
Wataniya Mobile
Tel: +970 (0)2 241 5000
Fax: +970 (0)2 242 3044
WPT received its license in September 2006, in an open tender issued by the Palestinian National Authority to build and operate the second GSM network in Palestine. Wataniya Palestine Telecom was formed in partnership between the Wataniya Telecom of Kuwait (majority owned by Qatar Telecom (Qtel)), which owns 57% of the company, and the Palestine Investment Fund, which owns 43%.
Qtel's international expertise brings to Wataniya Palestine Telecom and to Palestine the commitment to achieve the highest standards of network quality and coverage for the people of Palestine, while balancing between commercial initiatives and an emphasis on establishing sustainable corporate social responsibility programs for the people of Palestine.
About Qatar Telecom:
Qatar Telecom (Qtel) is a diversified telecommunications group with three business lines including consumer telephony, consumer broadband and corporate managed services, and is committed to expansion in line with the company's strategic vision of becoming a global top 20 telecommunications provider by the year 2020. Qtel is a full-service telecommunications service provider in the state of Qatar. Over the past two years, Qtel has expanded its geographic footprint from 2 to 17 countries within the Middle East and Asia, with more than 57 million customers.
About the Palestine Investment Fund ("PIF")
PIF, is a publically owned independent Palestinian investment company, headquartered in Ramallah. PIF works towards building an independent, viable and sustainable Palestinian economy. It focuses on developing and investing in strategic projects in vital sectors in Palestine. PIF is a founder and a key shareholder of many of the leading Palestinian companies such as Wataniya Palestine (Telecom), APIC (investments), PCSC (cement), PTIC and Grand Park (hotels) and NAPCO (manufacturing).
In addition, PIF, working with local, regional and international partners, is developing a number of strategic projects that will have far reaching impact on the Palestinian economy, such as the $700m Gaza gas project, a $500m mortgage finance company, the $400m Ersal commercial center in AlBeireh-Ramallah and the $200m Al-Reehan new planned community in Ramallah.
For more information, please contact:
Mohammad Nassar
Public Relations Manager
Wataniya Mobile
Tel: +970 (0)2 241 5000
Fax: +970 (0)2 242 3044
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