(MENAFN- Jordan News Agency) The Housing Bank for Trade and Finance (HBTF) along with a number of Jordanian banks and financial institutions on Wednesday, signed a $120 million syndicated term loan facility agreement to "Jordanian Egyptian Fajr for Natural Gas Transmission & Supply Co. Ltd" in order to fulfill its various financing needs.
According to a HBTF statement, the syndication was oversubscribed by almost twice the amount, which portrays the solid financing structure and the importance of the loan.
The loan agreements have been signed by HBTF as the lead arranger and agent, as well as the participant banks and financial institutions; which are: Housing Bank for Trade and Finance, Social Security Investment Fund, Bank Audi S.A.L. € Jordan Branches, Capital Bank of Jordan, Cairo Amman Bank, Arab Jordan Investment Bank, National Bank of Abu Dhabi, Societe General Bank- Jordan, and on behalf of "Jordanian Egyptian Fajr For Natural Gas Transmission & Supply Co. Ltd"; the CEO Fouad Rashad.
As per the Agreements funding will coincide with the commencement of the pumping process of the Liquefied Natural Gas "LNG" through Aqaba port, which is then transformed into natural gas and transmitted through the pipelines of "Jordanian Egyptian Fajr For Natural Gas Transmission & Supply Co. Ltd" to power plants in the Kingdom.
Housing Bank's General Manager, Omar Malhas, praised the strong long-term relationship between Jordanian Egyptian Fajr and the HBTF.
Signing this agreement comes as a culmination of the good relationship between the Housing Bank and the Company, and stresses the Housing Bank's role in cooperating with other banks and financial institutions to support the national economy, through providing financing and support to key economic sectors, such as energy related companies that are witnessing significant developments and challenges.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.