(MENAFN- Qatar News Agency) The Ministry of Economy and Commerce's Logistics Committee and Manateq (Economic Zones Company) have signed an memorandum of understanding (MoU) with Qatar Islamic Bank to finance investors in the logistics areas in the south of the country, with terms of financing up to 10 years.

The MoU was signed for the Ministry of Economy and Commerce by Manateq CEO and vice head of logistics committee Fahad Rashed Al Kaabi and General Manager of QIB's Wholesale Banking Group Tarek Fawzi.

The ministry said in a press statement the largest logistics and industrial project in the south of the country aimed at promoting competitiveness in the commercial sector and encouraging the private sector to participate and contribute effectively to the National Development Strategy in accordance with Qatar National Vision 2030.

Manateq CEO underlined the important role of national banks in economic development, deeming funding investors in these projects as significant step towards implementing and achieving the objective of the project which aimed at diversifying Qatar's economy.

Manateq is the leading developer and operator of specialized economic zones, logistic parks, and warehousing parks in Qatar. Manateq is focused on building and managing world-class infrastructure to facilitate industrial and service sector growth, and to achieve one of the key pillars of Qatar National Vision 2030, "Economic Development".