Karwa Motors has signed a strategic financing agreement worth USD 43 million with QNB Oman. The agreement aims to finance the implementation of a five-year project between Karwa Motors and the Ministry of Education in the Sultanate of Oman, with a total value of USD 287 million. The objective is to enhance the efficiency of the school transport sector in line with the latest global standards.
The agreement was signed by Dr. Ibrahim Al Balooshi on behalf of Karwa Motors, and Mr. Khalid Al Barwani, CEO of QNB Oman, in the presence of several senior officials from both sides.
In addition to supporting the school transport sector in the Sultanate, the new partnership agreement reflects QNB Oman's commitment to expanding its client base and reinforcing its position as a trusted financial partner for corporate clients in Oman by offering them integrated banking services and solutions.
The agreement also represents another step forward in enhancing the bank’s position as a leading financial institution, following its success in signing several important deals across various economic sectors. This aligns with its strategy to support national sectors in accordance with Oman Vision 2040.
Commenting on the new agreement, Mr. Khalid Al Barwani, CEO of QNB Oman, stated: “As one of the leading financial institutions in the Sultanate of Oman, we are always keen to support projects that encourage innovative solutions across all economic sectors, including transportation, and contribute to accelerating the implementation of the National Program for Economic Diversification.”
On his part, Dr. Ibrahim Al Balooshi, CEO of Karwa Motors – Oman, said: “Based on the agreement signed today, Karwa Motors will receive financial facilities from QNB Oman, reflecting the mutual trust between both parties in strengthening the company’s financial capabilities and expanding its business scope.
These banking facilities will enable Karwa Motors to achieve its expansion goals and reinforce its presence in the automotive sector in the region. The financial support will help us improve our operational processes and enhance our services, allowing us to offer the best options to our customers.”
QNB Oman is one of the international branches of the QNB Group, a leading financial institution in the Middle East and Africa, and among the highest-valued banking brands in the regional market.