developments. These are very exciting times for the nation of Qatar, which is likely to see superior growth in the coming years.

In 2013, BNP Paribas marked its 40th anniversary of operations in Qatar, commemorating a major milestone in the history of partnership and commitment between the Bank and Qatar. The celebrations were also attended by Jean Lemierre, Advisor to the Chairman, BNP Paribas, during his visit to the region.

On the occasion, Eric Cohu, Country Head of Qatar stated:

Today, Qatar offers attractive opportunities for business because of its strong growth and development, supported by the 2030 Vision for economic diversification. The hydrocarbon sector, which has been the focus in the last decade, will continue to underpin the economy, but other industrial sectors are now coming into play. Infrastructure development should have a multiplier effect on the wider economy, which will become increasingly integrated with regional and global markets.

As trade increases, BNP Paribas will play a major role in serving the risk-mitigation needs of exporters, while the development of large infrastructure projects will also require sophisticated banking expertise in a variety of areas, including trade finance solutions and access to project-related and working capital facilities.

BNP Paribas combination of a global network and local banking expertise will be important to support the development of Qatar s economy in the coming years.

SUPPORTING OUR CLIENTS IN QATAR

In the 1970s and 1980s, Paribas one of BNP Paribas predecessors collaborated on several national projects in Qatar, including a petrochemical complex construction project that was won by CDF-Chimie/Gazocéan, as well as negotiating a large contract for the supply of sugar on behalf of the Qatar government. Such deals set the stage for the following decades, allowing the Bank to win a large volume of increasingly high-profile transactions. Below are some examples.

In 1994, the Qatar Fertiliser Company (Qafco) signed a major contract to build a new turnkey ammonia production plant at Umm Said. Paribas Doha was able to leverage its position as number one foreign bank in Qatar and played an important local role as co-ordinator with the authorities and project sponsors. Setting up this loan, the first to be arranged and syndicated by the Paribas Milan export finance team, drew on the combined forces in addition to the branches in Germany, Italy and Qatar of the Export Finance Department, the respective country teams and the project finance team, thus illustrating the importance of such synergies in bringing projects of this kind to fruition.

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