AMMAN -- A consortium of six local banks extended on Sunday a JD22.5 million loan to Taameer Jordan Holdings (TJH) to complete the Andalucia residential compound.
Rami Adwan, deputy chief executive officer for marketing and sales at Taameer, told The Jordan Times yesterday that the banking consortium is led by the Jordan Kuwait Bank and includes Jordan Ahli Bank, Jordan Commercial Bank, Arab Bank, the Housing Bank for Trade and Finance and Capital Bank.
According to Adwan, a total of JD27 million is needed to complete the infrastructure, villas and entertainment facilities of the Andalucia project, which is 20 kilometres south of Amman.
Adwan indicated that clients owe the company around JD21 million noting that 80 per cent of the residential compound, which includes 588 villas, has been completed. "A total of 335 units have been sold," he pointed out.
The company said in a statement that the loan agreement is part of strategic partnerships the company is taking to secure needed funds to complete its projects in the country.
TJH highlighted in the statement the efforts of the committee that was formed by the government late last year to examine the financing needs of economic sectors, pointing that the recommendations of the committee enabled the developing company to secure the funding.
The financing committee, which consists of representatives from the government, local banks and the Central Bank of Jordan, was formed to study the private sector's credit crunch caused by strict lending measures imposed by banks in the aftermath of the global financial crisis.
Last year, TJH Chairman Khalid Dahleh complained that despite the company's assets reaching JD350 million, banks were reluctant to provide credit facilities to complete the Andalucia compound, expected to generate JD220 million for the firm.
By Omar Obeidat
© Jordan Times 2010
