Four banks extend loan to Modern Cement, Jordan

Four banks extend loan to Modern Cement, Jordan
Published: 17 May 2010

A banking consortium, led by Arab Bank, on Saturday extended a JOD30m (US$42m) loan to Modern Cement and Mining Company (MCMC). Taking part in the consortium are Union Bank, Jordan Kuwait Bank and the Arab Banking Corporation.

Arab Bank said in a statement that the financing, which coincides with another EUR50m loan provided by an international consortium led by HSBC Bank in London with the participation of Arab Bank in Europe, seeks to fund 65 per cent of machinery equipment for the cement factory MCMC is establishing in Swaqa area.

According to the statement, the factory annual production capacity is 1.2Mt and the total cost of the plant is around JD260m.

MCMC is part of the Manaseer Group that comprises 13 subsidiary companies covering a wide range of sectors such as food industries, gas and lubricants distribution, industrial chemicals, fertiliser manufacturing, international trading, warehousing services, cement and steel manufacturing among others.