400 Million dollars loan for Banking Arab Corporation

The Dubai based Arab Banking Corporation is signing tomorrow a large loan of 400 Million dollars with regional and international banks.

An official in the corporation -- which is considered the largest bank in the Arab states -- said that the loan will be signed in London and was increased from 300 to 400 Million dollars.

The corporation said last April that it had asked eight banks to arrange a five years loan with an annual interest rates of 45 points above the interest rates chrged on inter-bank loans among banks in the London market.

Ghazi Abd El-Gouad, head of the corporation said the loan will be used for the bank's general purposes without clarifying further.