In Lebanon, a loan agreement has been signed with a consortium of local and world banks to provide 150 million U.
In Lebanon, a loan agreement has been signed with a consortium of local and world banks to provide 150 million U.S. dollars to be used largely for the reconstruction of installations damaged during the civil war.
SYNOPSIS: The agreement was signed in Beirut on Friday (9 June) with representatives from the banks concerned coming together for the final formalities.
The Chairman of the Lebanese Council for Development, Mohammed Attallah, was the first to put his signature to the agreement. The loan has been guaranteed by the state of Lebanon and is the first lebanese medium term dollar loan to have been syndicated in the Eurocurrency market. It has a final maturity of seven years and is to be used to assist in financing reconstruction projects in the public sector. These include Beirut airport, roads, telecommunications, electricity networks and housing.
The loan is being managed by the Arab Bank Limited and several other banking and finance establishments from Europe, the United States and the Arab world. Eight other banks are acting as co-managers and successful syndication brought a further 18 participating banks into the credit.