The Riyadh-based The Arab Investment Company (TAIC) has syndicated a $32 million loan for Gulf Petrochemical Industries Corporation (GPIC) of Bahrain. The deal is to be finalised in January.

TAIC is participating in the loan with $5 million. The other participants are Bank of Bahrain & Kuwait and The Gulf Bank, which subscribed to $7.5 million each, and Al-Ahli Commercial Bank, Apicorp and the Bahrain branch of ANZ Grindlays Bank, which are contributing $4 million each. The loan was oversubscribed by $10 million, TAIC says.

GPIC will use the loan for its general operations over 24 months from the date of signing. Repayment will be completed after 40 months.