Qatar earmarks $1b for Mindanao projects

 

Manila Standard Today | Dec17 2008

 

Joyce Pangco Pañares

The Qatari government will create a $1-billion sovereign fund to finance development projects in Mindanao in support of the peace talks with the Moro Islamic Liberation Front.

Finance Secretary Margarito Teves said Qatar National Bank and two other Doha-based banks are also planning to buy into Al-Amanah Islamic Bank of the Philippines.

Teves said bank officials will arrive in the Philippines next year to conduct due diligence on the Al-Amanah bank, the country’s first and only Islamic bank which has liabilities ranging from P400 to P500 million and assets of about P115 million.

Some $300 billion worth of wealth from oil has fueled Islamic banking as one of the fastest- growing markets in the world.

Trade Secretary Peter Favila said the government will provide counterpart funding of 15 percent or $150 million to match Qatar’s official development fund of $850 million.

“The Emir of Qatar has intimated to the President that he would like to look into the prospects of agribusiness and fisheries. He said they will also pay special attention to Mindanao,” Favila said.

Agriculture Secretary Arthur Yap noted that Qatar is looking for about 100,000 hectares of land for food production.

“We are willing to facilitate a joint venture with Qatar. We have about 600,000 hectares available for joint venture. They are also interested in mariculture and the Philippines is the eighth largest fish-producing country in the world,” Yap said.

During her three-day working visit to Qatar over the weekend, Mrs. Arroyo also witnessed the signing of a memorandum of understanding between food and beverage giant San Miguel Corp. and Qatar Telecom for a $1-billion joint venture to provide mobile and broadband services in the country.

Qtel, which will put in an initial investment of $150 million, which will be raised to $1 billion after one year, operates in 16 countries and is vying to become one of the top 20 telecommunications companies in the world by 2020.
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