ABC International Bank and Standard Bank have closed a US$16 million seven-year project finance facility for the Al Waddan Hotel in Tripoli - the first international project finance transaction to close in Libya.

ABCIB and Standard Bank acted as mandated lead arrangers, while ABCIB also acted as the facility agent and offshore security trustee. Gumhouriya Bank acts as the Libyan security agent.

Al Waddan Hotel is a joint venture between Magna Holdings International and the Economic Social and Development Fund, a Libyan government-backed fund.

[arabianbusiness]