HSBC Bank Middle East, Qatar has signed a QR1bn deal of contract-related finance facilities with Al Jaber Engineering Company to support Qatar General Electricity and Water Corporation's (Kahramaa) pipelines for the Mega Reservoirs Project.

HSBC Qatar chief executive officer Abdul Hakeem Mostafawi said the transaction reinforces the bank's capabilities to provide "sophisticated infrastructure finance" in the local market.

"HSBC has proven its ability and willingness to engage with large local contractors in key strategic projects as part of its ongoing commitment to support the infrastructure build-up in the country that is part of the Qatar National Vision 2030," he said.

The Mega Reservoirs Project is part of the government's strategy to achieve water security for the country's and preserve its water quality. The reservoirs will increase the capacity of the water reserve to last for seven days from one.

HSBC Qatar head of commercial banking Richard Keery said, "We have seen an 18.3% growth across the construction sector from July 2013 to March 2014. Since the opening of the Hamad International Airport, there has been increased momentum in the infrastructure development with Ashghal and Kahramaa both continuing to release major projects into the market."