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Commenting on the agreement, Mr. Marwan Awad , CEO and General Manager of Jordan Ahli Bank said: "This assembly of banks reflects the support of Jordan Ahli Bank and Jordanian banks to the industrial sector, particularly the fertilizer and mining sector. This sector is viewed as one of the very important sectors in which Jordan is a main exporter. To that effect, the Syndicated loan will be used to finance the development and diversity of high-value fertilizers and chemicals, in order to provide a larger volume of such products with high demand to be sold locally and globally".
Mr. Iyad Asali , Deputy CEO and Head of Corporate Banking Group at Jordan Ahli Bank said that "Jordan Ahli bank's success in arranging this syndication emanates from the conviction of the bank and the participating banks in the viability of the financed project which will contribute in enhancing the global competitiveness of the company. Capitalizing on the company's capable administrative and technical team and backed by a strong international demand for the company's products, this expansion will generate future cashflows that are strong enough not only to cover the granted loan but to secure considerable surplus funds for the company".
From his side, Mr. Khaled Al Manasrah, CEO of Jordan Abyad Fertilizers & Chemicals stated that "the total investment value of the new project will reach JD 75 million. We wish to thank the participating Jordanian banks whose contribution through this syndication will enable it to carry-on with its expansion plans and come closer to reaching its vision to become one of the major global producers of fertilizers and materials that depend on the exploitation of phosphate and potash. This is based on the fact that there are growing demands for fertilizers in the global markets while global production is less than the demand, leading to a gap between demand and supply. Our company aims to cover an important part of this gap and at competitive prices."
It is worth noting that JAFCCO is owned by shareholders who have significant experience in the field of mining and the manufacturing of fertilizers, such as the Jordan Phosphate Mines Company, the Arab Mining Company as well as Jordanian investors with long experience in this field, in addition to Venture Capital Bank - Bahrain.
(C) 2009 Mena Report (www.menareport.com)
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