The Arab Hotels Company has signed a syndicated loan agreement with both Bank of Palestine, and Cairo Amman Bank, for funding the company to accomplish Movenpick Hotel Project, the biggest five stars hotel in Ramallah .
The agreement was signed at the hotel headquarter in Ramallah, with the presence of DR. Jihad al-Wazir Governor of PMA, Mr. Hashim Shawa Chairman & General Manager of BoP, Mr. Joseph Nisnas, Regional Manager of Cairo Amman Bank, and Mr. Firas Nasir al-Din, Chairman of The Arab Hotels Co..
Mr. Nasser al-Din considered the signing of the agreement as an essential economic event pointing to the importance of the contribution of Bank of Palestine and Cairo Amman Bank.
The USD 8 million loan will help accomplishing the hotel project which is expected to be opened within the next few months. The project has begun years ago and faced many obstacles, particularly due to political instability.
On the other hand, Mr. Shawa expressed his happiness to sign this important agreement by the bank in the tourism sector. He added that this agreement will support, enhance and promote the tourism industry in Palestine and specially in Ramallah.