(MENAFN - Jordan Times) Three banks and the Social Security Investment Fund (SSIF) extended on Tuesday a JD56.8 million loan to Aqaba Container Terminal (ACT).
According to a press release, the eight-year syndicated loan was arranged by Capital Investments, the investment arm of Capital Bank, to fund part of the cost of the terminal expansion project.
Capital Bank led the syndicate which comprised the Social Security Investment Fund, Cairo Amman Bank and Jordan Kuwait Bank, the press release said.
The project will be implemented in accordance with the action plan set by APM Terminals, which is responsible for the development, management and operation of the terminal, and involves the extension of the terminals quay from 540 metres to one kilometre, in addition to investments in container handling and transportation equipment to increase the terminals throughput capacity, the capital bank press release added.
The berth expansion efforts are already under way, and the utilisation of the loan will begin during the next few months, said Klaus Laursen, chief executive officer of ACT. This project, which is scheduled to be completed within three years, comes to reaffirm our commitment to bolstering the operational capacity of the Aqaba Port.
The signing of this agreement also reflects our desire to contribute to Jordans long-term economic prosperity and to support sustainable development in the Kingdom.