Business News
Arab Bank to lead manage 150-million-dollar loan for Daewoo
By DPA
May 21, 2008, 12:42 GMT

Amman - The Arab Bank, one of the Arab world's largest banking establishments, said Wednesday it was going to act as the Mandated Lead Arranger of a 150-million-dollar syndicated loan for South Korean's Daewoo Engineering and Construction Co.

The two-year loan will be used for financing the Daewoo group's construction operations in the Middle East and North Africa region (MENA), the Arab Bank's chairman Abdul Hamid Shoman said in a statement.

'The rapid development in Southeast Asia requires new coalitions to help boost bilateral and multi-later cooperation in various vital spheres in the region,' Shoman said.