RJ signs $250m syndicated loan agreement led by Arab Bank
Summary
"Royal Jordanian has a long-standing legacy as the national carrier and has, since its establishment, served as a key pillar in connecting Jordan to the world and reinforcing its role as a regional hub," Darwazeh added.He noted that "despite various challenges globally and in the region, the airline continued its operations with resilience and determination, fulfilling its national mission and significantly contributing to Jordans economy, especially in tourism and transport. "Darwazeh highlighted the agreement as "a strategic milestone that underscores the strong relationship between Royal Jordanian and the banking sector," adding that it "reflects the confidence that local and regional financial institutions have in the companys long-term vision. "RJ Vice Chairman and CEO Samer Majali said: "As part of our recently launched growth and expansion strategy, Royal Jordanian is focused on modernising its fleet, expanding its route network, investing in our growth ambitions especially in aviation support ventures, digital transformation and advanced technologies, in addition to settling the remaining balance of the existing loan". "Fleet modernisation is a cornerstone of our commitment to sustainability, as modern aircraft play a crucial role in reducing fuel consumption and carbon emissions, aligning with our environmental responsibility and long-term aspirations, he added.Majali also expressed pride in the financial sectors backing: "We take great pride in the trust shown by Jordanian and regional banks that chose to participate in this financing. Their confidence affirms the airlines strong credit profile and financial stability.He voiced RJs full commitment to repaying the previous syndicated loan on schedule, even under the most challenging conditions during the COVID-19 pandemic, played a key role in reinforcing this trust and encouraging broader participation from financial institutions.CEO of Arab Bank Randa Sadik said that this $250 million financing agreement demonstrates Arab Banks and the participating banks belief in Jordans national carriers capacity to execute ambitious future expansion and development plans, reinforcing its position within the aviation sector.