Arab Bank extends JD52.

5m loan to Fastlink

The Arab Bank and Fastlink, the first in the cellular

communication sector and a member of MTC group for mobile
telecommunications, signed on Sunday, an agreement whereby the
Arab Bank extends a loan of to Fastlink to finance the company’s
various projects. The agreement was signed by Arab Bank
Chairman Abdul Hamid Shoman and Fastlink’s Chief Executive
Officer Mohammad Saqr.

Chairman and CEO of Arab Bank Mr Abdul Hamid Shoman said,

“The agreement aims to meet the financial requirements of
telecommunication sector which is one of the most vital services
sectors in the Kingdom,” and added, “the Bank seeks to create and
effective partnership with the growing telecommunications sector.”

Saqr reiterated the company’s keenness to develop its operations

and to introduce new services that uses the latest technologies with
a clear strategic vision that depends on future development of
mobile technologies and the changes affecting local regional and
international market, through the distribution of activities and
development of competitive potential and self success. Saqr added
that the Jordanian market has grown into the most competitive in
the regional communication sector noting that MTC group, pioneer
in the Middle East and Africa, still visualize Jordan as a
promising market in the sector of mobile telecommunications.

He indicated that Fastlink has been the first age in executing MTCs
ambitious expansion strategies with the aim of developing into an
international company in the field of mobile telecommunications
by the 2011, and he confirmed that the group as achieved great part
of the strategies in the first stage.

The Bank concentrates on financing large projects including those

related to the communication sector.
Shoman and Saqr signed the agreement on behalf of Arab Bank
and Fastlink consecutively with the attendance of many officials
from both sides.