DOHA: The United Development Company, in line with the Company’s Board of Director’ decision, has approved the revision of the financing contract between a pool of banks and Medina Centrale. The Board’s decision was to restructure the facility agreement for a funding ceiling of QR1.1bn provided by a pool of Banks to Medina Centrale OMC, a wholly owned subsidiary of UDC. This is to revise the financing cost applied on the above facility and to take advantage of the opportunity to restructure the financing and reduce the interest that was agreed upon with the financing banks. The Board of Directors decided to repay to International Bank of Qatar QSC an amount of QR84.77m, UDC’s statement published on Qatar Exchange site noted. the peninsula
