Energy city Qatar pays $185m loan

Energy City Qatar (ECQ) said it has made early payments for a $185-million loan, noting that it paid the last installment, $58 million, in the first half of 2013. In a statement released on Wednesday, ECQ said a group of banks managing the loan had agreed to extend the loan for three more years but ECQ board decided to pay the loan thanks to a growth in the real estate market and a surge in sales. ECQ Chief Executive Officer Hesham Al-Emadi said the new administration of the City has managed to rearrange plans and priorities so as to fit the new trends and plans of the wise leadership of Qatar. He noted that the early payment underlined the strength of the company’s creditworthiness, adding that it will enhance financers’ trust and open up opportunities towards domestic and international financial markets.