(MENAFN- Gulf Times) Commercial Bank has successfully concluded a financing arrangement for QR1bn in extended financing facilities to Joannou & Parakskevaides (Overseas) for the award of the construction project of the West Corridor, for Public Works Authority (Ashghal).

The contract was awarded to the joint venture - Joannou & Parakskevaides (Overseas) (75%) and J&P Avax (25%), valued at $458mn (QR1.7bn) with an estimated date of completion in 2016.

The awarded project is part of the East-West Corridor Expressway, which is connecting the Industrial Area to the Hamad International Airport. This project comprises a 10.5km long section starting from west of the future Inner Orbital and extends to the west of the proposed Barwa City Access. The main road consists of 10-lanes section (five lanes in each direction) and four major interchanges.

Commercial Bank led the club deal along with one of the major regional banks for facilitating finance in excess of QR1bn. The financing facility was shared equally between the two joint lead mandate arrangers with Commercial Bank retaining the security and facility agent.

Commercial Bank CEO Abdulla Saleh al-Raisi said: "Commercial Bank is proud to finance large-scale infrastructure projects in Qatar such as the West Expressway. These projects are essential for accelerating growth of the private sector ahead of the 2022 World Cup and addressing Qatar's long-term infrastructure needs resulting from a rapidly rising population.

"As one of the leading Qatari banks in wholesale banking, Commercial Bank is playing a key role in the realisation of the National Vision 2030 by supporting Qatari and international construction companies with project finance".

Joannou & Paraskevaides (Overseas) was established in 1961 in Guernsey, Channel Islands and has progressed to become one of the region's leading construction enterprise with activities in Europe, the Middle East, Asia and Africa. The company's activities cover the entire spectrum of construction business, including, roads and infrastructure, airports and buildings, and project support services for the energy and industrial sector. In addition, the Company also provides contracting services for electrical and mechanical projects and advisory services for project finance transactions.