QIB helps fund $150m desalination plant

Qatar Islamic Bank said on Sunday it had agreed with Qatar Electricity and Water Co., a $150 million Islamic finance deal to help fund a water desalination plant.

The 20-year istisna-ijara facility will be used to finance the construction of three desalination units for the Ras Abu Fontas A1 plant, the lender said in a statement.

Due for completion in the summer of 2009, the plant will have an ultimate capacity of 45 million imperial gallons a day. (Reuters)