Arab banks lend Lafarge US$340m for Syria factory

Arab banks lend Lafarge US$340m for Syria factory
Published: 17 November 2009

Lebanese group Bank Audi has extended a US$340m syndicated loan for seven years to a subsidiary of Lafarge to finance a cement factory in Syria which has a shortage of the product.

The bank said the loan to LafargeCement Syria by a group of mostly Arab banks would partly cover the cost of the 2.75Mta factory.

Its statement did not give other financial details. Audi arranged an 18-month $380 million bridge loan for the project last year.

The Syrian government, which has been controlled by the ruling Baath Party since 1963, has partially lifted restrictions on private capital into banking, industry and real estate in the last several years after decades of heavy nationalisation and bans on private enterprise.