The volume of syndicated loans signed in the Middle East and Africa has reached a new high not seen since 2008.

A total of $96.1bn-worth of syndicated loans were signed in the region during 2013, according to data provider Dealogic. It marks an increase of 31 per cent compared with the $73.5bn signed in 2012.

It is the highest annual volume of deals closed since 2008 when $116.6bn transactions were signed.

The syndicated loan market within the Middle East and Africa fell sharply by the end of 2008, following the collapse of US bank Lehman’s and the subsequent global drying up of liquidity coupled with rising bank funding costs. Many loans were postponed or restructured in the subsequent years.

The uptick in loan volume in 2013 suggests banks’ lending appetite is beginning to recover.

Dealogic data also shows that global syndicated loans reached $4.25 trillion in 2013, an increase of 22 per cent on 2012’s total of $3.48 trillion.