Housing Bank signs $770m loan agreement to finance National Carrier Project

AMMAN — The Housing Bank has finalised an agreement with the National Carrier Project Company to secure a syndicated loan of up to $770 million to finance the National Carrier Project.

The agreement was signed by Ammar Safadi, CEO of the Housing Bank, and Jad Harbieh, General Manager of the National Carrier Project Company, in the presence of key officials from both parties, according to the Jordan News Agency, Petra.

The loan will enable the National Carrier Project Company, a joint venture between global infrastructure giants Meridiam and Suez, to move forward with this major initiative.

Including the construction of a desalination plant on the Red Sea, as well as a network of pipelines, pumping stations and transmission lines to transport water from Aqaba to Amman, the project aims to supply up to 300 million cubic metres of drinking water a year to Aqaba and Amman, meeting the needs of around 4 million people a year.

Safadi expressed his pride in Housing Bank's role in leading the syndicated loan arrangement, underlining the bank's strong position in the Jordanian banking sector.

"Managing large financing deals is core strength of Housing Bank, reflecting its ability to provide tailored financial solutions to support major development projects that benefit the national economy," he said.

Meanwhile, Harbieh expressed his appreciation for Housing Bank's "unwavering support for national projects and his optimism for the successful implementation of the syndicated loan."

"This agreement marks a significant milestone in the advancement of the National Carrier Project, which will be a game changer for the Kingdom's infrastructure and water management."