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Arab Hotels signs an agreement for a syndicated loan with bank of Palestine and Cairo Amman Bank to complete the hotel Movenpick

2010-01-19

The Company of Arab Hotels (AHC) has signed yesterday an agreement for a syndicated loan with bank of Palestine and Cairo Amman bank with a value of $ 8 million, to finance the completion of the under construction Movenpick in Ramallah, that is expected to start The agreement was signed by the company"s chairman operations in the first half of this year. Firas Nasir al-Din, and the Chairman and General Manager of Bank of Palestine Hashem al-Shawa, the Regional Manager of Cairo Amman Bank in Palestine, Joseph Nisnas, in the  presence of the Chief of PMA Jihad Al-Wazir and a large number of businessmen in the hotel building. Bank of Palestine will contribute by $4.35 million, while Cairo Amman Bank by $3.65 million, and this is the second syndicated loan facility for the operating banks in the Palestinian territories after the loan facility provided by several banks and institutions, local and foreign to "Wataniya Mobile" the second operator cellular phones in Palestine at the beginning of 2009. Al-Wazir considered the loan for Arab Hotels Company, and the previous loan for Wataniya Mobile as a reflection of the true role of the banks to finance large projects that contribute to the national economy. He added: "this thing indicates the extent of   improvement and development witnessed by the banking sector in Palestine, which achieve more successes with the Monetary Authority, which had carried out and currently implement many programs to its development".