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Al Qatrana – export financing
23 March 2009
Triumph of multisource in Jordan
This is a deal that truly breaks new ground in the financing of international trade. The Al Qatrana Cement Company (QCC) financing is the first Islamic ECA-backed multisource financing. The deal which also encompasses Shari'a compliant hedging solutions, is also one of the first ECA-covered Islamic Murabaha financings arranged to date, and the first one involving the Finnish export credit agency (ECA) Finnvera. It is one of the very few ECA transactions in the Kingdom of Jordan and the first for a long time, as well as the first cross-border financing transaction for project sponsor and guarantor Arabian Cement Company (ACC).
BNP Paribas (BNPP) is the commercial bank acting as sole mandated lead arranger, sole lender and agent. BNPP has arranged and provided several asset and commodity Murabaha-type export credit facilities for QCC, which is acting as the importer. The fnancings are guaranteed by Saudi-based parent ACC. BNPP had the...
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