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(Bloomberg) — JPMorgan Chase & Co. is joining Gulf lenders to help arrange about $7 billion of debt financing for a Qatari firm’s projects in Syria, marking one of the biggest foreign commitments to the country’s reconstruction since dictator Bashar al-Assad was ousted by rebel forces.
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The US lender is working alongside Qatar National Bank and Abu Dhabi Commercial Bank PJSC on the loan for projects being delivered by a consortium that includes Power International Holding, one of Doha’s largest conglomerates, people familiar with the matter said, asking not to be identified because the information is private.
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The five-year facility will be guaranteed by QNB, which counts the $580 billion Qatar Investment Authority as its biggest shareholder, according to some of the people. The loan will help fund the reconstruction of power infrastructure and an airport, the people said, helping boost an economy that was devastated by a conflict running from 2011 to 2024, when Assad was ousted by rebels.
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It will be fully drawn from the start and carry an all-in borrowing cost of about 370 basis points over the Secured Overnight Financing Rate, comprising a 250-basis-point margin and 120 basis points in fees, the people said.
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Representatives for QNB and JPMorgan declined to comment, while ADCB and Power International Holding didn’t immediately respond to requests for comment.
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The financing comes as Syria, home to about 26 million people, gradually reconnects with international capital markets after years of isolation. Assad’s successor, President Ahmed Al-Sharaa is seeking foreign capital to rebuild after Washington lifted many economic sanctions.
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While restrictions remain on parts of the banking system, complicating efforts to fund reconstruction, the US, European and Gulf countries have been receptive. Saudi Arabia has made investment pledges, while Kuwait-based Zain is poised to invest more than $1.5 billion after it won the rights to operate a mobile-phone network.
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The latest debt financing transaction also underscores the growing influence of the Al-Khayyat family, Syrian-born billionaires whose Qatar-based Power International Holding has emerged as one of the most active foreign investors in Syria’s reconstruction.
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Through its construction arm UCC Holding, the conglomerate has secured major contracts spanning airports, power infrastructure and energy as Gulf companies race to establish a foothold in the country.
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