US Ex-Im Bank in largest Arab telecom financing project with Jordan's XPress
The Export-Import Bank of the United States has approved a $49.4 million loan guarantee to Jordanian telecom company XPress, which will be launching its radio trunking services in the Kingdom in April 2004.
The $85.4 million project, based on Integrated Digital Enhanced Network (iDEN) technology developed by Motorola, marks Ex-Im Bank's largest financing of a telecommunications project in the Middle East, and its first limited-recourse project financing in the country.
"Jordan's strategic location and important role in the Middle East make this a particularly noteworthy transaction for US exporters and the US government to support," said Ex-Im Bank Chairman Phillip Merril.
With the launch of the iDEN-based trunking radio dispatch, XPress will mark Jordan as the first Arab country in the Middle East to launch this service. Combining the abilities of ordinary mobile phones with the instantaneous direct connect service, XPress will offer one-to-one and/or one-to-many calls, similar to the currently used 'Walkie-Talkie' systems.
Ex-Im Bank helps finance the sale of US exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. "This telecommunications network will bring economic and social benefits to the people of Jordan, while supporting export-dependent jobs at a dozen US companies," added Merrill. — (menareport.com)
© 2004 Mena Report (www.menareport.com)