Gulf International Bank (GIB) and Commercial Bank of Qatar announced on Tuesday, June 19, the arrangement of a $25 million loan to Al-Fardan Group of Companies.
The four-year loan—provided by GIB, Commercial Bank of Qatar, Arab Bank, Arab National Bank and Emirates Bank International—is to be repayed in seven equal payments with semi-annual installments starting in June 2002.
The Qatar-based Al-Fardan is a group of companies that act as agents for luxury-brand goods within the country, in addition to dealing with real estate and money exchanges. The company plans to use the funds to restructure its facilities from short to medium-term, reported AFP news agency. — (MENA Report)
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