| 01 Jul 2009 |
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Three banks extend JD32m to Jordan Abyad Fertilisers & Chemicals Company
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AMMAN (JT) - Jordan Ahli BankJordan Ahli Bank
lead managed a JD32 million syndicated loan with three other banks in favour of Jordan Abyad Fertilisers & Chemicals Company (JAFCCO)Jordan Abyad Fertilisers & Chemicals Company (JAFCCO), Jordan News Agency, Petra reported on Tuesday. Established in 1997 and becoming one of the leading companies in the field, JAFCCOJAFCCO will use the loan to finance the establishment of an industrial complex for manufacturing fertilisers and chemicals. Ahli BankAhli Bank Chairman and Chief Executive Officer Marwan Awad said the syndicated loan affirms the banks' willingness to support the industrial sector, particularly the fertilisers and the mining industries which are considered one of the priority sectors in the Kingdom.The loan will be used by the company to expand and diversify its fertilisers and chemical products and to provide larger amounts of these products in the Jordanian and global markets, Awad added. JAFCCOJAFCCO
Chief Executive Officer Khaled Manasrah said the project's total cost amounts to JD75 million. JAFCCOJAFCCO's main shareholders include the Jordan Phosphate Mining CompanyJordan Phosphate Mining Company, the Arab Mining CompanyArab Mining Company and Venture Capital BankVenture Capital Bank from Bahrain.
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