Wataniya Palestine Telecom Officiates the Senior Secured Syndicated Facility Loan

Wataniya Mobile officially signs and celebrates the securing of the $85 million dollar Senior Secured Syndicated Facility Loan which will help accelerate the build out of the new mobile telephony network in Palestine. 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.

Mar 19,2009