MobileCom secures JD60 million loan to fund future expansion plans
Arab Bank leads a consortium of 12 local banks that will provide the GSM operator with the funds to support its expansion plans.
Jordan GSM operator, MobileCom has secured investment for its continuing expansion. A consortium of 12 local banks led by Arab Bank has signed a loan agreement with MobileCom for JD60 million.
Jordan Telecom, MobileCom's parent company, is acting as the guarantor of the loan.
The loan will be paid within seven and a half years and will be partially used to pay the bridge loan facility that was granted to the company in 2000. The other part of the loan will be used to expand MobileCom's commercial operation.
The signing ceremony was attended by Mufleh Aqel, general regional director of the Arab Bank, Jean-Christophe Caillat, chief executive officer at MobileCom, Pierre Mattei, chief executive officer of Jordan Telecom, and the general managers of the 12 banks.
The large participation of Jordanian banks in this agreement is also seen as significant. The loan value demonstrates that the Jordanian banking sector can easily finance big projects, especially ones that play a key role in the growth of the Jordanian economy, stated a the press release.
The loan was led and organised by the Arab Bank, with participation from the following lending banks: The Social Security Company, Jordan Kuwait Bank Housing Bank for Trade and Finance, Jordan National Bank, Cairo Amman Bank, Egyptian Arab Land Bank, Middle East Investment Bank, Industrial Development Bank, HSBC (Jordan), Arab Banking Corporation (Jordan), Jordan Investment & Finance Bank.