The loan, which is one of the largest private sector financings in the Levant region, will be used to finance a new cement plant in Syria that will produce 2.9 million tonnes per annum and is expected to start production in 2010.

Audi acted as lead arranger on the deal, which involves 13 banks from Denmark, Egypt and Jordan, including Commercial International Bank and Ahli United Bank of Egypt, Danske Bank of Denmark, Byblos Bank of Lebanon, Syria Gulf Bank, and BNP Paribas.