Jordan Kuwait Bank, Fastlink sign JD30 million loan agreement

Published February 13th, 2001 - 02:00 GMT

The Jordan Kuwait Bank (JKB), along with several other local financial institutions, on Sunday, February 11, signed a JD30 million loan agreement with Fastlink. “This loan shows the strength of JKB. It is a major loan which we are managing. We have drawn together the major local banks as our partners and they stand behind JKB fully on this loan,” said the bank's chairman, Abdul Karim Kabariti.  

 

“The bank is interested in enhancing the financial strength of the Kingdom, and we are always looking for opportunities like this to give back to the Jordanian economy,” Kabariti told the Jordan Times.  

 

The syndicated loan, which includes a two-year grace period, is to be paid back over a seven-year period.  

 

Fastlink CEO Michael Dagher said: “Fastlink thanks JKB and its partners for the speed at which they extended the loan to us. This loan will help enhance Fastlink's network and expand business units within Fastlink.” Fastlink, established in 1995, is also expected to use the loan to expand its subscriber capability, to [enable it to] handle over 500,000 subscribers,” he added.  

 

On the sidelines of the signing ceremony, Dagher said Fastlink is looking to upgrade to General Packet Radio Service (GPRS), explaining that GPRS is an advancement of the Wireless Application Protocol, known as WAP, technology that allows for much faster speeds than the 14.4 Kbps WAP technology presently works at.  

 

The syndication for the loan incudes Union Bank for Savings and Investment, Export and Finance Bank, Philadelphia Bank for Investments, Jordan Gulf Bank, Jordan National Bank, Arab Banking Corporation and the Arab Jordan Investment Bank.  

 

JKB last week reported a 60.8 percent jump in net profits for the year 2000, which amounted to $7.23 million compared to $4.5 million in 1999. JKB was established in 1976 as a joint venture by Jordanians, Kuwaitis and other Arab investors. — ( Jordan Times )  

 

 

 

© 2001 Mena Report (www.menareport.com)

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