French building material group Lafarge has completed a $682m project finance deal to fund the development of a cement plant in Syria.

The debt on the project totals $341m, and was provided by a group of banks including France’s Proparco, Luxembourg-based European Investment Bank (EIB), and Lebanon’s Bank Audi. The funding for the project was arranged through Lafarge’s local subsidiary Lafarge Cement Syria.

The financing initially gives lenders recourse to the project sponsor. Lafarge Cement Syria, but this is reduced during the construction of the project, until it is eventually removed and replace by the plant when construction is completed.

UK-based law firm Lovells acted as legal adviser on the project.

Large completed a $380m syndicated loan to fund its Egyptian operations in August (MEED 16:08:09).