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Sunday, 22 November 2009 19:10 UAE time

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First Gulf signs $323mn Sorbonne campus loan

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 04 January 2009
SYNDICATED LOAN: First Gulf Bank inks deal to finance the new campus of Paris Sorbonne University in Abu Dhabi. (Supplied)
SYNDICATED LOAN: First Gulf Bank inks deal to finance the new campus of Paris Sorbonne University in Abu Dhabi. (Supplied)

The UAE’s First Gulf Bank (FGB) has signed a $323 million syndicated loan with Mubadala Development Company (Mubadala) to finance the new campus of Paris Sorbonne University in Abu Dhabi, FGB revealed on Sunday.

FGB agreed the deal for the twenty year loan along with Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Calyon Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.

FGB will act as mandated lead arranger, providing 25 percent of the total project value, the bank said in a statement.

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“Education is the cornerstone of any country’s future,” said André Sayegh, FGB’s chief executive officer.

“The development of our youth ensures the development of the UAE, which will ultimately be of benefit to all,” he said.

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