Doha Bank recently hosted a meeting with a Sri Lankan delegation which was headed by Sri Lanka’s State Minister of Money, Capital Market, and State Enterprise Reforms H E Ajith Nivard Cabraal and the Deputy Governor of the Central Bank of Sri Lanka N W G R D Nanayakkara. During the meeting, Doha Bank CEO Dr. R Seetharaman highlighted the key developments in Qatar which includes the country’s recent LNG expansion plans.
He said: “Qatar Petroleum’s (QP) North Field East Project (NFE) is expected to start production in the fourth quarter of 2025. The NFE project represents the first phase of LNG expansion in Qatar, while the second phase is referred to as the North Field South Project (NFS).
With an expected production start date in 2027, the NFS project involves the construction of two additional mega LNG trains and associated offshore and onshore facilities. According to IMF April 2021, Qatar’s economy is expected to grow by 2.4% in 2021”. Seetharaman also gave insights on Sri Lankan economy.
He further said: “Sri Lanka has enjoyed close ties with Qatar, with over 120,000 Sri Lankans. There are more than 200 Srilankan companies established in partnership with the Qatari side. Doha Bank entered into agreements with the four biggest Sri Lankan banks to facilitate the remittances from Qatar to Sri Lanka.
Doha Bank also plays an important role to facilitate trade finance opportunities between Qatar and Sri Lanka and has seen substantial growth in the past few months.
Qatari businessmen should explore the huge investment opportunities in Sri Lanka and establish business partnerships and alliances with their Sri Lankan counterparts. Many Sri Lankan companies are looking to take part in Qatari projects and establish joint ventures in all sectors.