Amman-based Arab Bankhas lead arranged a JD 60 million (84 million) loan to finance the expansion of the local GSM network, which is owned by Jordan Telecomsubsidiary MobilCom. The facility is the largest loan to be arranged by local banks for a private sector project in Jordan.
Banks participating in the loan include the Housing Bank, Industrial Development Bank, Jordan Kuwait Bank, Jordan National Bank, Cairo-Amman Bank, Jordan Investment & Finance Bank, Arab Land Bank of Egypt, Middle East Investment Bank, HSBC Bank Middle East, Arab Jordan Investment Bankand the Arab Banking Corporation.
The loan has a maturity of seven and a half years, with a three-year grace period, and is guaranteed by Jordan Telecom. MobilCom owns a 15-year cellular licence, initially awarded to Jordan Telecom as part of its privatisation in 1999, when Arab Bank with France Telecomtook a 40 per cent stake in the company. The licence was transferred to MobilCom the following year when it launched commercial operations.
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